2007 Equity Compensation Plan



 Exhibit 10.2 

TRUPANION, INC. 
 2007
EQUITY COMPENSATION PLAN 
 1. Purposes of the Plan. The purposes of this Trupanion, Inc. 2007 Equity Compensation Plan (the
“Plan”) are: to attract and retain the best available personnel for positions of substantial responsibility, to provide additional incentives to Employees, Directors and Consultants, and to promote the success of the Company and any
Parent or Subsidiary. Options granted under the Plan may be Incentive Stock Options or Nonstatutory Stock Options, as determined by the Administrator at the time of grant. Stock Purchase Rights, Stock Awards and Unrestricted Shares may also be
granted under the Plan. 
 2. Definitions. As used herein, the following definitions shall apply: 

“Administrator” means a Committee which has been delegated the responsibility of administering the Plan in accordance with
Section 4 of the Plan or, if there is no such Committee, the Board. 
 “Applicable Laws” means the requirements
relating to the administration of equity compensation plans under the applicable corporate and securities laws of any of the states in the United States, U.S. federal securities laws, the Code, any stock exchange or quotation system on which the
Common Stock is listed or quoted and the applicable laws of any foreign country or jurisdiction where Awards are, or will be, granted under the Plan. 

“Award” means an Option, a Stock Purchase Right, a Stock Award and/or the grant of Unrestricted Shares. 

“Board” means the Board of Directors of the Company. 

“Cause”, with respect to any Service Provider, means (unless otherwise determined by the Administrator) such Service
Provider’s (i) conviction of, or plea of nolo contendere to, a felony or crime involving moral turpitude; (ii) fraud on or misappropriation of any funds or property of the Company; (iii) personal dishonesty, willful misconduct,
willful violation of any law, rule or regulation (other than minor traffic violations or similar offenses) or breach of fiduciary duty which involves personal profit; (iv) willful misconduct in connection with the Service Provider’s
duties; (v) chronic use of alcohol, drugs or other similar substances which affects the Service Provider’s work performance; or (vi) material breach of any provision of any employment, non-disclosure, non-competition, non-solicitation
or other similar agreement executed by the Service Provider for the benefit of the Company, all as reasonably determined by the Committee, which determination will be conclusive. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Committee” means a committee of Directors appointed by the Board in accordance with Section 4 of the Plan. 

“Common Stock” means the common stock, par value $0.0001 per share, of the Company. 







 “Company” means Trupanion, Inc., a Delaware corporation. 

“Consultant” means any person, including an advisor, engaged by the Company or a Parent or Subsidiary to render services to
such entity, other than an Employee or a Director. 
 “Director” means a member of the Board. 

“Disability” means total and permanent disability as defined in Section 22(e)(3) of the Code. 

“Employee” means any person, including officers and Directors, serving as an employee of the Company or any Parent or
Subsidiary. An individual shall not cease to be an Employee in the case of (i) any leave of absence approved by the Company or (ii) transfers between locations of the Company or between the Company, its Parent, any Subsidiary or any
successor. The term “Employee” also includes a person who was a former employee of the Company or any Parent or Subsidiary who receives or holds an Award in consideration of providing service as an Employee. For purposes of an Option
initially granted as an Incentive Stock Option, if a leave of absence of more than three months precludes such Option from being treated as an Incentive Stock Option under the Code, such Option thereafter shall be treated as a Nonstatutory Stock
Option for purposes of this Plan. Neither service as a Director nor payment of a director’s fee by the Company shall be sufficient to constitute “employment” by the Company. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Fair Market Value” means, as of any date, the value of Common Stock determined as follows: 

(i) if the Common Stock is listed on any established stock exchange or a national market system, including without limitation the Nasdaq
National Market or The Nasdaq SmallCap Market of The Nasdaq Stock Market, the Fair Market Value of a Share of Common Stock shall be the closing sales price of a Share of Common Stock as quoted on such exchange or system for such date (or the most
recent trading day preceding such date if there were no trades on such date), as reported in The Wall Street Journal or such other source as the Committee deems reliable; 

(ii) if the Common Stock is regularly quoted by a recognized securities dealer but is not listed in the manner contemplated by clause
(i) above, the Fair Market Value of a Share of Common Stock shall be the mean between the high bid and low asked prices for the Common Stock for such date (or the most recent trading day preceding such date if there were no trades on such
date), as reported in The Wall Street Journal or such other source as the Committee deems reliable; or 
 (iii) if neither clause
(i) above nor clause (ii) above applies, the Fair Market Value shall be determined in good faith by the Administrator based on the reasonable application of a reasonable valuation method. 

  
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 “Incentive Stock Option” means an Option intended to qualify as an incentive
stock option within the meaning of Section 422 of the Code and the regulations promulgated thereunder. 
 “Nonstatutory Stock
Option” means an Option not intended to qualify as an Incentive Stock Option. 
 “Notice of Grant” means a written
or electronic notice evidencing certain terms and conditions of an individual Option grant, Stock Purchase Right grant, Stock Award grant or grant of Unrestricted Shares. The Notice of Grant applicable to Stock Options shall be part of the Option
Agreement. 
 “Option” means a stock option granted pursuant to the Plan. 

“Option Agreement” means an agreement between the Company and an Optionee evidencing the terms and conditions of an
individual Option grant. Each Option Agreement shall be subject to the terms and conditions of the Plan. 
 “Optioned
Stock” means the Common Stock subject to an Option or Stock Purchase Right. 
 “Optionee” means the holder of an
outstanding Option and/or Stock Purchase Right granted under the Plan. 
 “Parent” means a “parent corporation”
of the Company (or, in the context of Section 16(c) of the Plan, of a successor corporation), whether now or hereafter existing, as defined in Section 424(e) of the Code. 

“Participant” shall mean any Service Provider who holds an Option, a Stock Purchase Right, Restricted Stock, a Stock Award or
Unrestricted Shares granted or issued pursuant to the Plan. 
 “Restricted Stock” means shares of Common Stock acquired
pursuant to a grant of Stock Purchase Rights under Section 11 of the Plan. 
 “Restricted Stock Purchase Agreement”
means a written agreement between the Company and an Optionee evidencing the terms and restrictions applicable to stock purchased under a Stock Purchase Right. Each Restricted Stock Purchase Agreement shall be subject to the terms and conditions of
the Plan and the applicable Notice of Grant. 
 “Rule 16b-3” means Rule 16b-3 of the Exchange Act or any successor to such
Rule 16b-3, as such rule is in effect when discretion is being exercised with respect to the Plan. 
 “Section 16(b)” means
Section 16(b) of the Exchange Act. 
 “Service Provider” means an Employee, Director or Consultant. 

  
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 “Share” means a share of the Common Stock, as adjusted in accordance with
Section 16 of the Plan. 
 “Stock Award” means an Award of Shares pursuant to Section 12 of the Plan or an award
of Restricted Stock Units pursuant to Section 13 of the Plan. 
 “Stock Award Agreement” means an agreement, approved
by the Administrator, providing the terms and conditions of a Stock Award. 
 “Stock Award Shares” means Shares subject to
a Stock Award. 
 “Stock Awardee” means the holder of an outstanding Stock Award granted under the Plan. 

“Stock Purchase Right” means the right to purchase Common Stock pursuant to Section 11 of the Plan, as evidenced by a
Notice of Grant. 
 “Subsidiary” means a “subsidiary corporation” of the Company (or, in the context of
Section 16(c) of the Plan, of a successor corporation), whether now or hereafter existing, as defined in Section 424(f) of the Code. 

“Unrestricted Shares” means a grant of Shares made on an unrestricted basis pursuant to Section 13 of the Plan. 

3. Stock Subject to the Plan. Subject to the provisions of Section 16 of the Plan, the maximum aggregate number of Shares that may
be issued under the Plan is 7,373,362 Shares. The Shares may be authorized but unissued, or reacquired, shares of Common Stock. If an Option or Stock Purchase Right expires or becomes unexercisable without having been exercised in full or is
canceled or terminated, or if any Shares of Restricted Stock or Shares underlying a Stock Award are forfeited or reacquired by the Company, the Shares that were subject thereto shall be added back to the Shares available for issuance under the Plan.

 4. Administration of the Plan. 

(a) Procedure. 

(i) Multiple Administrative Bodies. Different Committees with respect to different groups of Service Providers may administer the
Plan. 
 (ii) Section 162(m). To the extent that the Administrator determines it to be desirable to qualify Awards granted
hereunder as “performance-based compensation” within the meaning of Section 162(m) of the Code, the Plan shall be administered by a Committee of two or more “outside directors” within the meaning of Section 162(m) of
the Code and the regulations promulgated thereunder. 
 (iii) Rule 16b-3. If the Company is subject to Section 16(b), the
transactions contemplated hereunder shall (from the date that the Company is first subject to Section 16(b)), be structured to satisfy the requirements for exemption under Rule 16b-3. 

(iv) Other Administration. Other than as provided above, the Plan shall be administered by (A) the Board or (B) a Committee,
which committee shall be constituted to satisfy Applicable Laws. 

  
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 (b) Powers of the Administrator. Subject to the provisions of the Plan, and in the case of
a Committee, subject to the specific duties delegated by the Board to such Committee, the Administrator shall have the authority, in its discretion: 

(i) to determine the Fair Market Value; 

(ii) to select the Service Providers to whom Options, Stock Purchase Rights, Stock Awards and Unrestricted Shares may be granted hereunder;

 (iii) to determine the number of shares of Common Stock to be covered by each Award granted hereunder; 

(iv) to approve forms of agreement for use under the Plan; 

(v) to determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder and of any Restricted
Stock Purchase Agreement. Such terms and conditions include, but are not limited to, the exercise price, the time or times when Options or Stock Purchase Rights may be exercised (which may be based on performance criteria), any vesting, acceleration
or waiver of forfeiture provisions, and any restriction or limitation regarding any Option, Stock Purchase Right or Stock Award, or the Shares of Common Stock relating thereto, based in each case on such factors as the Administrator, in its sole
discretion, shall determine; 
 (vi) to construe and interpret the terms of the Plan, Awards granted pursuant to the Plan and agreements
entered into pursuant to the Plan; 
 (vii) to prescribe, amend and rescind rules and regulations relating to the Plan, including rules and
regulations relating to sub-plans established for the purpose of qualifying for preferred tax treatment under foreign tax laws; 
 (viii)
to modify or amend each Award (subject to Section 19(c) of the Plan), including the discretionary authority to extend the post-termination exercisability period of Options longer than is otherwise provided for in the Plan; 

(ix) to allow grantees to satisfy withholding tax obligations by having the Company withhold from the Shares to be issued upon exercise of an
Option that number of Shares having a Fair Market Value equal to the amount required to be withheld, provided that withholding is calculated at the minimum statutory withholding level. The Fair Market Value of the Shares to be withheld shall be
determined on the date that the amount of tax to be withheld is to be determined. All determinations to have Shares withheld for this purpose shall be made by the Administrator in its discretion; 

(x) to reduce the exercise price of any Option or Stock Purchase Right to the then current Fair Market Value if the Fair Market Value of the
Common Stock covered by such Option or Stock Purchase Right shall have declined since the date the Option or Stock Purchase Right was granted; 

  
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 (xi) to authorize any person to execute on behalf of the Company any agreement entered into
pursuant to the Plan and any instrument required to effect the grant of an Award previously granted by the Administrator; and 
 (xii) to
make all other determinations deemed necessary or advisable for administering the Plan. 
 (c) Effect of Administrator’s
Decision. The Administrator’s decisions, determinations and interpretations shall be final and binding on all holders of Awards and Restricted Stock. None of the Board, the Committee or the Administrator, nor any member or delegate thereof,
shall be liable for any act, omission, interpretation, construction or determination made in good faith in connection with the Plan, and each of the foregoing shall be entitled in all cases to indemnification and reimbursement by the Company in
respect of any claim, loss, damage or expense (including without limitation reasonable attorneys’ fees) arising or resulting therefrom to the fullest extent permitted by law and/or under any directors’ and officers’ liability
insurance coverage which may be in effect from time to time. 
 5. Eligibility. Nonstatutory Stock Options, Stock Purchase
Rights, Stock Awards and Unrestricted Shares may be granted to Service Providers. Incentive Stock Options may be granted only to Employees. Notwithstanding anything contained herein to the contrary, an Award may be granted to a person who is not
then a Service Provider; provided, however, that the grant of such Award shall be conditioned upon such person becoming a Service Provider at or prior to the time of the execution of the agreement evidencing such Award. 

6. Limitations. 

(a) Each Option shall be designated in the Option Agreement as either an Incentive Stock Option or a Nonstatutory Stock Option. However,
notwithstanding such designation, if a single Employee becomes eligible in any given year to exercise Incentive Stock Options for Shares having a Fair Market Value in excess of $100,000, those Options representing the excess shall be treated as
Nonstatutory Stock Options. In the previous sentence, “Incentive Stock Options” include Incentive Stock Options granted under any plan of the Company or any Parent or any Subsidiary. For the purpose of deciding which Options apply to
Shares that “exceed” the $100,000 limit, Incentive Stock Options shall be taken into account in the same order as granted. The Fair Market Value of the Shares shall be determined as of the time the Option with respect to such Shares is
granted. 
 (b) Neither the Plan nor any Award nor any agreement entered into pursuant to the Plan shall confer upon a Participant any right
with respect to continuing the grantee’s relationship as a Service Provider with the Company, nor shall they interfere in any way with the Participant’s right or the Company’s right to terminate such relationship at any time, with or
without cause. 

  
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 7. Term of the Plan. Subject to Section 23 of the Plan, the Plan shall become
effective upon its adoption by the Board. It shall continue in effect for a term of ten (10) years unless terminated earlier under Section 19 of the Plan. 

8. Term of Options. The term of each Option shall be stated in the applicable Option Agreement. In the case of an Incentive Stock
Option, the term shall be ten (10) years from the date of grant or such shorter term as may be provided in the applicable Option Agreement. However, in the case of an Incentive Stock Option granted to an Optionee who, at the time the Incentive
Stock Option is granted, owns, directly or indirectly, stock representing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any Parent or Subsidiary, the term of the Incentive Stock Option
shall be five (5) years from the date of grant or such shorter term as may be provided in the applicable Option Agreement. 
 9.
Option Exercise Price; Exercisability. 
 (a) Exercise Price. The per share exercise price for the Shares to be issued
pursuant to exercise of an Option shall be determined by the Administrator, subject to the following: 
 (i) In the case of an Incentive
Stock Option 
 (A) granted to an Employee who, at the time the Incentive Stock Option is granted, owns stock representing more than ten
percent (10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the per Share exercise price shall be no less than 110% of the Fair Market Value per Share on the date of grant, or 

(B) granted to any Employee other than an Employee described in paragraph (A) immediately above, the per Share exercise price shall be
no less than 100% of the Fair Market Value per Share on the date of grant. 
 (ii) In the case of a Nonstatutory Stock Option, the per
Share exercise price shall be determined by the Administrator; provided, however, that the per Share exercise price of a Nonstatutory Stock Option shall be no less than 100% of the Fair Market Value per Share on the date of grant as (determined by
the Administrator in good faith) in the case of a Nonstatutory Stock Option intended to qualify as “performance-based compensation” within the meaning of Section 162(m) of the Code. 

(iii) Notwithstanding the foregoing, Options may be granted with a per Share exercise price of less than 100% (or 110%, if clause (i)(A)
above applies) of the Fair Market Value per Share on the date of grant pursuant to a merger or other comparable corporate transaction. 

(b) Exercise Period and Conditions. At the time that an Option is granted, the Administrator shall fix the period within which the
Option may be exercised and shall determine any conditions that must be satisfied before the Option may be exercised. 

  
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 10. Exercise of Options; Consideration. 

(a) Procedure for Exercise; Rights as a Shareholder. Any Option granted hereunder shall be exercisable according to the terms of the
Plan and at such times and under such conditions as determined by the Administrator and set forth in the Option Agreement; provided, however, that unless otherwise determined by the Administrator, each Option shall vest and become exercisable as to
25% of the Shares subject to such Option on the first anniversary of its date of grant, and as to 1/36th of the remaining Shares subject to such Option each full month thereafter. Unless the
Administrator provides otherwise, vesting of Options granted hereunder shall be tolled during any unpaid leave of absence. An Option may not be exercised for a fraction of a Share. An Option shall be deemed exercised when the Company receives:
(i) written or electronic notice of exercise (in accordance with the Option Agreement) from the person entitled to exercise the Option, and (ii) full payment for the Shares with respect to which the Option is exercised. Full payment may
consist of any consideration and method of payment authorized by the Administrator and permitted by the Option Agreement and Section 10(e) of the Plan. Shares issued upon exercise of an Option shall be issued in the name of the Optionee. Until
the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a shareholder shall exist with respect to
the Optioned Stock, notwithstanding the exercise of the Option. The Company shall issue (or cause to be issued) such Shares promptly after the Option is exercised. No adjustment will be made for a dividend or other right for which the record date is
prior to the date the Shares are issued, except as provided in Section 16 of the Plan. Exercising an Option in any manner shall decrease the number of Shares thereafter available, both for purposes of the Plan and for sale under the Option, by
the number of Shares as to which the Option is exercised. 
 (b) Termination of Relationship as a Service Provider. If an Optionee
ceases to be a Service Provider, other than upon the Optionee’s death or Disability or upon a termination of such Optionee’s employment with Cause, the Optionee may exercise his or her Option within such period of time as is specified in
the Option Agreement to the extent that the Option is vested on the date of termination (but in no event later than the expiration of the term of such Option as set forth in the Option Agreement). In the absence of a specified time in the Option
Agreement and except as otherwise provided in Sections 10(c), 10(d) and 10(e) of this Plan, the Option shall remain exercisable for three months following the Optionee’s termination (but in no event later than the expiration of the term of
such Option). If, on the date of termination, the Optionee is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option shall revert to the Plan. If, after termination, the Optionee does not exercise his or
her Option in full within the time specified by the Administrator, the unexercised portion of the Option shall terminate, and the Shares covered by such unexercised portion of the Option shall revert to the Plan. An Optionee who changes his or her
status as a Service Provider (e.g., from being an Employee to being a Consultant) shall not be deemed to have ceased being a Service Provider for purposes of this Section 10(b), nor shall a transfer of employment among the Company and any
Subsidiary be considered a termination of employment; however, if an Optionee owning Incentive Stock Options ceases being an Employee but continues as a Service Provider, such Incentive Stock Options shall be deemed to be Nonstatutory Options three
months after the date of such cessation. 

  
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 (c) Disability of an Optionee. If an Optionee ceases to be a Service Provider as a result
of the Optionee’s Disability, the Optionee may exercise his or her Option within such period of time as is specified in the Option Agreement to the extent the Option is vested on the date of termination (but in no event later than the
expiration of the term of such Option as set forth in the Option Agreement). In the absence of a specified time in the Option Agreement, the Option shall remain exercisable for twelve (12) months following the Optionee’s termination (but
in no event later than the expiration of the term of such Option). If, on the date of termination, the Optionee is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option shall revert to the Plan. If,
after termination, the Optionee does not exercise his or her Option in full within the time specified herein, the unexercised portion of the Option shall terminate, and the Shares covered by such unexercised portion of the Option shall revert to the
Plan. 
 (d) Death of an Optionee. If an Optionee dies while a Service Provider, the Option may be exercised within such period of
time as is specified in the Option Agreement (but in no event later than the expiration of the term of such Option as set forth in the Notice of Grant), by the Optionee’s estate or by a person who acquires the right to exercise the Option by
bequest or inheritance, but only to the extent that the Option is vested on the date of death. In the absence of a specified time in the Option Agreement, the Option shall remain exercisable for twelve (12) months following the Optionee’s
death ((but in no event later than the expiration of the term of such Option). If, at the time of death, the Optionee is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option shall revert to the Plan. If
the Option is not so exercised in full within the time specified herein, the unexercised portion of the Option shall terminate, and the Shares covered by the unexercised portion of such Option shall revert to the Plan. 

(e) Termination for Cause. If a Service Provider’s relationship with the Company is terminated for Cause, then, unless otherwise
provided in such Service Provider’s Option Agreement, such Service Provider shall have no right to exercise any of such Service Provider’s Options at any time on or after the effective date of such termination. 

(f) Form of Consideration. The Administrator shall determine the acceptable form of consideration for exercising an Option, including
the method of payment. In the case of an Incentive Stock Option, the Administrator shall determine the acceptable form of consideration at the time of grant. Such consideration may consist entirely of: 

(i) cash; 
 (ii) check; 

(iii) other Shares which (A) in the case of Shares acquired upon exercise of an option at a time when the Company is subject to
Section 16(b), have been owned by the Optionee for more than six months on the date of surrender, and (B) have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which said Option shall
be exercised; 

  
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 (iv) consideration received by the Company under a cashless exercise program implemented by the
Company in connection with the Plan; 
 (v) a reduction in the amount of any Company liability to the Optionee, including any liability
attributable to the Optionee’s participation in any Company-sponsored deferred compensation program or arrangement; 
 (vi) any
combination of the foregoing methods of payment; or 
 (vii) such other consideration and method of payment for the issuance of Shares to
the extent permitted by Applicable Laws. 
 11. Stock Purchase Rights. 

(a) Rights to Purchase. Stock Purchase Rights may be issued either alone, in addition to, or in tandem with Options or other Awards
granted under the Plan and/or cash awards made outside of the Plan. After the Administrator determines that it will offer Stock Purchase Rights under the Plan, it shall advise the offeree in writing or electronically, by means of a Notice of Grant
and/or a Restricted Stock Purchase Agreement in the form determined by the Administrator, of the terms, conditions and restrictions related to the offer, including the number of Shares that the offeree shall be entitled to purchase and the price to
be paid for such Shares. The offer shall be accepted by execution of a Restricted Stock Purchase Agreement in the form determined by the Administrator. 

(b) Repurchase Option. Unless the Administrator determines otherwise, the Restricted Stock Purchase Agreement shall grant the Company a
repurchase option exercisable upon the voluntary or involuntary termination of the purchaser’s service with the Company for any reason (including death or Disability). The purchase price for Shares repurchased pursuant to the Restricted Stock
Purchase Agreement shall be the original price paid by the purchaser and may be paid by cancellation of any indebtedness of the purchaser to the Company. The repurchase option shall lapse at a rate determined by the Administrator; provided, however,
that unless otherwise determined by the Administrator, the restrictions shall lapse as to 25% of the Shares subject to the Restricted Stock Purchase Agreement on the first anniversary of its date of grant, and as to 1/36th of the remaining Shares subject to the Restricted Stock Purchase Agreement each full month thereafter. 

(c) Other Provisions. The Restricted Stock Purchase Agreement shall contain such other terms, provisions and conditions not
inconsistent with the Plan as may be determined by the Administrator in its sole discretion. 
 (d) Rights as a Shareholder. Once the
Stock Purchase Right is exercised, the purchaser shall have the rights equivalent to those of a shareholder, and shall be a shareholder when his or her purchase is entered upon the records of the duly authorized transfer agent of the Company. No
adjustment will be made for a dividend or other right for which the record date is prior to the date the Stock Purchase Right is exercised, except as provided in Section 16 of the Plan. 

  
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 12. Stock Awards. The Administrator may, in its sole discretion, grant (or sell at par
value or such higher purchase price as it determines) Shares to any Service Provider subject to such terms and conditions as the Administrator sets forth in a Stock Award Agreement evidencing such grant. Stock Awards may be granted or sold in
respect of past services or other valid consideration or in lieu of any cash compensation otherwise payable to such individual. The grant of Stock Awards under this Section 12 shall be subject to the following provisions: 

(a) At the time a Stock Award under this Section 12 is made, the Administrator shall establish a vesting period (the “Restricted
Period”) applicable to the Stock Award Shares subject to such Stock Award. Subject to the right of the Administrator to establish a Restricted Period that extends vesting dates to later dates than the dates provided in this sentence, the
Restricted Period of a Stock Award shall lapse as follows: the restrictions shall lapse as to 25% of the Stock Award Shares on the first anniversary of its date of grant, and as to 1/36th of the
remaining Stock Award Shares each full month thereafter. The Administrator may, in its sole discretion, at the time a grant is made, prescribe restrictions in addition to the expiration of the Restricted Period, including the satisfaction of
corporate or individual performance objectives. None of the Stock Award Shares may be sold, transferred, assigned, pledged or otherwise encumbered or disposed of during the Restricted Period applicable to such Stock Award Shares or prior to the
satisfaction of any other restrictions prescribed by the Administrator with respect to such Stock Award Shares. 
 (b) The Company shall
issue, in the name of each Service Provider to whom Stock Award Shares have been granted, stock certificates representing the total number of Stock Award Shares granted to such person, as soon as reasonably practicable after the grant. The Company,
at the direction of the Administrator, shall hold such certificates, properly endorsed for transfer, for the Stock Awardee’s benefit until such time as the Stock Award Shares are forfeited to the Company, or the restrictions lapse. 

(c) Unless otherwise provided by the Administrator, holders of Stock Award Shares shall have the right to vote such Shares and have the right
to receive any cash dividends with respect to such Shares. All distributions, if any, received by a Stock Awardee with respect to Stock Award Shares as a result of any stock split, stock distribution, combination of shares, or other similar
transaction shall be subject to the restrictions of this Section 12. 
 (d) Any Stock Award Shares granted to a Service Provider
pursuant to the Plan shall be forfeited if the Stock Awardee voluntarily terminates employment with the Company or its subsidiaries or resigns or voluntarily terminates his consultancy arrangement or directorship with the Company or its
subsidiaries, or if the Stock Awardee’s employment or the consultant’s consultancy arrangement or directorship is terminated for Cause prior to the expiration or termination of the applicable Restricted Period and the satisfaction of any
other conditions applicable to such Stock Award Shares. Upon such forfeiture, the Stock Award Shares that are forfeited shall be retained in the treasury of the Company and be available for subsequent awards under the Plan. If the Stock
Awardee’s employment, consultancy arrangement or directorship terminates for any other reason, the Stock Award Shares held by such person shall be forfeited, unless the Administrator, in its sole discretion, shall determine otherwise. 

(e) Upon the expiration or termination of the Restricted Period and the satisfaction of any other conditions prescribed by the Committee, the
restrictions applicable to the Stock Award Shares shall lapse and, at the Stock Awardee’s request, a stock certificate for the number of Stock Award Shares with respect to which the restrictions have lapsed shall be delivered, free of all such
restrictions, to the Stock Awardee or his beneficiary or estate, as the case may be. 

  
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 13. Restricted Stock Units. The Committee may, in its sole discretion, grant Restricted
Stock Units to a Service Provider subject to such terms and conditions as the Committee sets forth in a Stock Award Agreement evidencing such grant. “Restricted Stock Units” are Awards denominated in units evidencing the right to receive
Shares of Common Stock, which may vest over such period of time and/or upon satisfaction of such performance criteria or objectives as is determined by the Committee at the time of grant and set forth in the applicable Stock Award Agreement, without
payment of any amounts by the Stock Awardee thereof (except to the extent required by law). Prior to delivery of shares of Common Stock with respect to an award of Restricted Stock Units, the Stock Awardee shall have no rights as a stockholder of
the Company. 
 Upon satisfaction and/or achievement of the applicable vesting requirements relating to an award of Restricted Stock Units,
the Stock Awardee shall be entitled to receive a number of shares of Common Stock that are equal to the number of Restricted Stock Units that became vested. To the extent, if any, set forth in the applicable Stock Award Agreement, cash dividend
equivalents may be paid during, or may be accumulated and paid at the end of, the applicable vesting period, as determined by the Committee. 

Unless otherwise provided by the Stock Award Agreement, any Restricted Stock Units granted to a Service Provider pursuant to the Plan shall be
forfeited if the Stock Awardee terminates employment or his or her consultancy arrangement with the Company or its subsidiaries terminates for any reason prior to the expiration or termination of the applicable vesting period and/or the achievement
of such other vesting conditions applicable to the award. 
 Prior to the delivery of any shares of Common Stock in connection with an award
of Restricted Stock Units, the Stock Awardee shall pay or make adequate provision acceptable to the Company for the satisfaction of the statutory minimum prescribed amount of federal and state income tax and other withholding obligations of the
Company, including by having the Company withhold from the number of shares of Common Stock otherwise deliverable in connection with an award of Restricted Stock Units, a number of shares of Common Stock having a Fair Market Value equal to an amount
sufficient to satisfy such tax withholding obligations. 
 14. Unrestricted Shares. The Administrator may grant Unrestricted Shares
in accordance with the following provisions: 
 (a) The Administrator may cause the Company to grant Unrestricted Shares to Service
Providers at such time or times, in such amounts and for such reasons as the Administrator, in its sole discretion, shall determine. No payment shall be required for Unrestricted Shares. 

(b) The Company shall issue, in the name of each Service Provider to whom Unrestricted Shares have been granted, stock certificates
representing the total number of Unrestricted Shares granted to such individual, and shall deliver such certificates to such Service Provider as soon as reasonably practicable after the date of grant or on such later date as the Administrator shall
determine at the time of grant. 

  
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 15. Non-Transferability. Unless determined otherwise by the Administrator, an Option and
Stock Purchase Right may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the Optionee, only by the
Optionee. If the Administrator makes an Option or Stock Purchase Right transferable, such Option or Stock Purchase Right shall contain such additional terms and conditions as the Administrator deems appropriate. Notwithstanding the foregoing, the
Administrator, in its sole discretion, may provide in the Option Agreement regarding a given Option that the Optionee may transfer, without consideration for the transfer, his or her Nonstatutory Stock Options to members of his or her immediate
family, to trusts for the benefit of such family members, or to partnerships in which such family members are the only partners, provided that the transferee agrees in writing with the Company to be bound by all of the terms and conditions of this
Plan and the applicable Option. During the period when Shares of Restricted Stock and Stock Award Shares are restricted (by virtue of vesting schedules or otherwise), such Shares may not be sold, pledged, assigned, hypothecated, transferred, or
disposed of in any manner other than by will or by the laws of descent or distribution. 
 16. Adjustments Upon Changes in
Capitalization, Dissolution, Merger or Asset Sale. 
 (a) Changes in Capitalization. Subject to any required action by the
shareholders of the Company, the number of Shares of Common Stock covered by each outstanding Option, Stock Purchase Right and Stock Award, the number of Shares of Restricted Stock outstanding and the number of Shares of Common Stock which have been
authorized for issuance under the Plan but as to which no Options, Stock Purchase Rights or Stock Awards have yet been granted or which have been returned to the Plan upon cancellation or expiration of an Option, Stock Purchase Right, Restricted
Stock Purchase Agreement or Stock Award, as well as the price per share of Common Stock covered by each such outstanding Option or Stock Purchase Right, shall be proportionately adjusted for any increase or decrease in the number of issued shares of
Common Stock resulting from a stock split, reverse stock split, stock dividend, combination or reclassification of the Common Stock, or any other increase or decrease in the number of issued shares of Common Stock effected without receipt of
consideration by the Company; provided, however, that conversion of any convertible securities of the Company shall not be deemed to have been “effected without receipt of consideration.” Such adjustment shall be made by the Administrator,
whose determination in that respect shall be final, binding and conclusive. Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect,
and no adjustment by reason thereof shall be made with respect to, the number or price of Shares of Common Stock subject to an Award hereunder. 

  
 13 








 (b) Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of
the Company, the Administrator shall notify each Optionee and holder of Stock Purchase Rights as soon as practicable prior to the effective date of such proposed dissolution or liquidation. The Administrator in its discretion may provide for an
Optionee to have the right to exercise his or her Option and for a holder of a Stock Purchase Right to exercise his or her Stock Purchase Right until ten (10) days prior to such transaction as to all of the Shares covered thereby, including
Shares as to which an applicable Option would not otherwise be exercisable. In addition, the Administrator may provide that any Company repurchase option applicable to any Shares purchased upon exercise of an Option or Stock Purchase Right or
applicable to any Stock Award shall lapse as to all such Shares, provided the proposed dissolution or liquidation takes place at the time and in the manner contemplated. To the extent it has not been previously exercised, an Option or Stock Purchase
Right will terminate immediately prior to the consummation of such proposed action. 
 (c) Merger or Asset Sale. In the event of a
merger or consolidation of the Company with or into another corporation or any other entity or the exchange of substantially all of the outstanding stock of the Company for shares of another entity or other property in which, after any such
transaction the prior shareholders of the Company own less than fifty percent (50%) of the voting shares of the continuing or surviving entity or of the Parent, or in the event of the sale of all or substantially all of the assets of the
Company, (any such event, a “Change of Control”), then, absent a provision to the contrary in any particular Option Agreement or Stock Award (in which case the terms of such Option Agreement or Stock Award shall supercede each of
the provisions of this Section 15(c) which are inconsistent with such Option Agreement or Stock Award), each outstanding Option, Stock Purchase Right and Stock Award shall be assumed or an equivalent option, right or award substituted by the
successor corporation or a Parent or Subsidiary of the successor corporation. In the event that the Administrator determines that the successor corporation or a Parent or a Subsidiary of the successor corporation has refused to assume or substitute
an equivalent option, right or award for each outstanding Option, Stock Purchase Right and Stock Award, the Optionees shall fully vest in and have the right to exercise each outstanding Option and Stock Purchase Right as to all of the Optioned Stock
covered thereby, including Shares which would not otherwise be vested or exercisable, and all vesting periods under Stock Awards shall be deemed to have been satisfied. In the event of a Change of Control, then, absent a provision to the contrary in
any particular Restricted Stock Purchase Agreement (in which case the terms of such Restricted Stock Purchase Agreement shall supercede each of the provisions of this Section 16(c) which are inconsistent with such Restricted Stock Purchase
Agreement), all vesting periods under Restricted Stock Purchase Agreements shall be deemed to have been satisfied. If an Option and/or Stock Purchase Right becomes fully vested and exercisable in lieu of assumption or substitution in the event of a
Change of Control, the Administrator shall notify all Optionees that all outstanding Options and Stock Purchase Rights shall be fully exercisable for a period of fifteen (15) days from the date of such notice and that any Options and Stock
Purchase Rights that are not exercised within such period shall terminate upon the expiration of such period. For the purposes of this paragraph, all outstanding Options and Stock Purchase Rights shall be considered assumed if, following the
consummation of the Change of Control, the Option and Stock Purchase Right confers the right to purchase or receive, for each Share of Optioned Stock subject to the Option or Stock Purchase Right immediately prior to the consummation of the Change
of Control, the consideration (whether stock, cash, or other property) received in the Change of Control by holders of 

  
 14 








 
Common Stock for each Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type chosen by the holders of a majority of the outstanding
Shares); provided, however, that if such consideration received in the Change of Control is not solely common stock of the successor corporation or its Parent, the Administrator may, with the consent of the successor corporation, provide for the
consideration to be received upon the exercise of the Option or Stock Purchase Right, for each Share of Optioned Stock subject to the Option or Stock Purchase Right, to be solely common stock of the successor corporation or its Parent or Subsidiary
equal in fair market value to the per share consideration received by holders of Common Stock in the Change of Control. 
 17. Substitute
Options. In the event that the Company, directly or indirectly, acquires another entity, the Board may authorize the issuance of stock options (“Substitute Options”) to the individuals performing services for the acquired entity
in substitution of stock options previously granted to those individuals in connection with their performance of services for such entity upon such terms and conditions as the Board shall determine, taking into account the conditions of Code
Section 424(a), as from time to time amended or superceded, in the case of a Substitute Option that is intended to be an Incentive Stock Option. Shares of capital stock underlying Substitute Stock Options shall not constitute Shares issued
pursuant to the Plan for any purpose. 
 18. Date of Grant. The date of grant of an Option, Stock Purchase Right, Stock Award or
Unrestricted Share shall be, for all purposes, the date on which the Administrator makes the determination granting such Option, Stock Purchase Right, Stock Award or Unrestricted Share, or such other later date as is determined by the Administrator.
Notice of the determination shall be provided to each grantee within a reasonable time after the date of such grant. 
 19. Amendment and
Termination of the Plan. 
 (a) Amendment and Termination. The Board may at any time amend, alter, suspend or terminate the Plan.

 (b) Shareholder Approval. The Company shall obtain shareholder approval of any Plan amendment to the extent necessary to comply
with Applicable Laws. 
 (c) Effect of Amendment or Termination. No amendment, alteration, suspension or termination of the Plan
shall impair the rights of any grantee, unless mutually agreed otherwise between the grantee and the Administrator, which agreement must be in writing and signed by the grantee and the Company. Termination of the Plan shall not affect the
Administrator’s ability to exercise the powers granted to it hereunder with respect to Awards granted under the Plan prior to the date of such termination. 

20. Conditions Upon Issuance of Shares. 

(a) Legal Compliance. Shares shall not be issued in connection with the grant of any Stock Award or Unrestricted Share or the exercise
of any Option or Stock Purchase Right unless such grant or the exercise of such Option or Stock Purchase Right and the issuance and delivery of such Shares shall comply with Applicable Laws and shall be further subject to the approval of counsel for
the Company with respect to such compliance. 

  
 15 








 (b) Investment Representations. As a condition to the grant of any Stock Award or
Unrestricted Share or the exercise of any Option or Stock Purchase Right, the Company may require the person receiving such Award or exercising such Option or Stock Purchase Right to represent and warrant at the time of any such exercise or grant
that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required. 

(c) Additional Conditions. The Administrator shall have the authority to condition the grant of any Award or rights under any
Restricted Stock Purchase Agreement in such other manner that the Administrator determines to be appropriate, provided that such condition is not inconsistent with the terms of the Plan. Such conditions may include, among other things, obligations
of recipients to execute lock-up agreements and shareholder agreements in the future. 
 (d) Trading Policy Restrictions. Option and
Stock Purchase Right exercises and other Awards under the Plan shall be subject to the terms and conditions of any insider trading policy established by the Company or the Administrator. 

21. Inability to Obtain Authority. The inability of the Company to obtain authority from any regulatory body having jurisdiction, which
authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite
authority shall not have been obtained. 
 22. Reservation of Shares. The Company, during the term of this Plan, will at all times
reserve and keep available such number of Shares as shall be sufficient to satisfy the requirements of the Plan. 
 23. Shareholder
Approval. The Plan shall be subject to approval by the shareholders of the Company within twelve (12) months after the date the Plan is adopted. Such shareholder approval shall be obtained in the manner and to the degree required under
Applicable Laws. Notwithstanding any provision in the Plan to the contrary, any exercise of an Option or Stock Purchase Right granted before the Company has obtained shareholder approval of the Plan in accordance with this Section 23 shall be
conditioned upon obtaining such shareholder approval of the Plan in accordance with this Section 23. 
 24. Withholding; Notice of
Sale. The Company shall be entitled to withhold from any amounts payable to an Employee any amounts which the Company determines, in its discretion, are required to be withheld under any Applicable Law as a result of any action taken by a holder
of an Award. 
 25. Governing Law. This Plan shall be governed by the laws of the state of Delaware, without regard to conflict of
law principles. 

  
 16 








 STOCK OPTION AGREEMENT 

THIS STOCK OPTION AGREEMENT (this “Agreement”) is made by and between TRUPANION, INC., a Delaware corporation, having its
principal place of business at 907 NW Ballard Way, Seattle, Washington 98107 (the “Company”), and the following individual: 
  

					
	Name:	  	[                    ] (the “Optionee”)	  	
			
	Address:	  	  
	  	
			
		  	  
	  	

 This Agreement is made pursuant to the Trupanion, Inc. 2007 Equity Compensation Plan (as amended, modified or
replaced from time to time, the “Plan”). Capitalized terms used herein but not otherwise defined shall have the meanings ascribed to such terms in the Plan. The Optionee agrees to be bound by the terms and conditions of the Plan,
which are incorporated herein by reference in their entirety. In case of any conflict between the provisions of the Plan and this Agreement, the provisions of the Plan shall control unless otherwise specifically provided therein. 

The Optionee is hereby granted an Option (this “Option”) to purchase Common Stock, subject in all events to the terms and
conditions of the Plan and this Agreement, as follows: 
 1. Date of Grant and Vesting Commencement Date. This Option is granted on
                     (the “Grant Date”) and will be deemed to have commenced vesting on
                     (the “Vesting Commencement Date”). 

2. Type of Option. (please check all that apply) 
  

							
	 ̈	  	Nonstatutory Stock Option	  	 ̈	  	Incentive Stock Option

 To the extent designated as an Incentive Stock Option, this Option is intended to qualify as an
“incentive stock option” under Section 422 of the Code. Notwithstanding the foregoing, as more particularly described in Appendix I attached hereto, the Optionee hereby acknowledges that there is no assurance that this
Option will, in fact, be treated (in whole or in part) as an “incentive stock option” under Section 422 of the Code. 
 3. Shares Covered
by this Option. Subject to the Exercise Schedule, this Option is exercisable for [            ] total Shares (the “Shares”), of which
[            ] Shares shall be treated as covered by an Incentive Stock Option, and [            ] Shares shall be treated as
covered by a Nonstatutory Stock Option. 
 4. Exercise Price. The exercise price of this Option is
$[        ] per Share (the “Exercise Price”). 
 5. Expiration Date. This Option expires on
[                    ] (the “Expiration Date”). 







 6. Exercise Schedule. This Option is exercisable in whole or in part for Shares in accordance with the
following exercise schedule (the “Exercise Schedule”): 

[                       
     ] 
 As used herein, “Exercisable Shares” means Shares for which this Option may be exercised,
and “Non-Exercisable Shares” means Shares for which this Option may not be exercised. 
 In the event this Option is both a
Nonstatutory Stock Option and an Incentive Stock Option, then upon exercise, this Option shall be exercised ratably as to Exercisable Shares covered by the Nonstatutory Stock Option and Exercisable Shares covered by the Incentive Stock Option. 

Notwithstanding anything to the contrary contained above, in the event that the application of any of the foregoing provisions of this
Section 6 would result in the exercisability of this Option for a fraction of a Share, then, in lieu of exercising this Option for any such fraction of a Share, the number of Shares that shall become Exercisable Shares shall be rounded
up to the nearest whole number of Shares. 
 Notwithstanding anything to the contrary contained herein, this Option may not be exercised
with respect to any Shares on or after the earlier of (i) the date the Option terminates and is canceled and (ii) the Expiration Date. 
 7.
Exercise of Option Following Termination of Service. This Option shall terminate and be canceled to the extent not exercised within ninety (90) days after the Optionee ceases to be a Service Provider, except that if such cessation is due
to the death or Disability of the Optionee, this Option shall terminate and be canceled twelve (12) months after the Optionee ceases to be a Service Provider. Notwithstanding anything to the contrary contained herein, this Option may not be
exercised for more Shares than the Shares which shall have become exercisable as of the date the Optionee ceases to be a Service Provider. 
 8. Breach
of Existing Covenants. This Option shall be forfeited, terminated and canceled in the event that the Optionee breaches any agreement between the Optionee and the Company with respect to noncompetition, nonsolicitation, assignment of inventions
and contributions and/or nondisclosure obligations of the Optionee. 

  
 2 








 9. Method of Exercise. This Option is exercisable by delivery to the Company of an exercise notice in the
form attached hereto as Exhibit A (the “Exercise Notice”) or such other form as the Administrator may require, which notice shall state the election to exercise this Option, the number of Shares with respect to which
this Option is being exercised (the “Exercised Shares”), and such other representations and agreements as may be required by the Company pursuant to the provisions of the Plan. The Exercise Notice shall be accompanied by payment
(the “Exercise Payment”) of an amount equal to the product of the Exercise Price and the number of Exercised Shares. This Option shall be deemed to be exercised upon receipt by the Company of the Exercise Notice, as executed by the
Optionee, and the Exercise Payment. Notwithstanding the foregoing, no Exercised Shares shall be issued unless the exercise of this Option and the issuance of the Exercised Shares complies with the requirements relating to the administration of stock
option plans and other applicable equity plans under Applicable Laws. Assuming such compliance, for income tax purposes the Exercised Shares shall be considered transferred to the Optionee on the date this Option is exercised with respect to the
Exercised Shares. 
 10. Conditions to Exercise. It shall be a condition precedent to the exercise of this Option that the Optionee execute an
Instrument of Accession in which the Optionee shall agree to become a party to that certain Amended and Restated Shareholders Agreement, dated as of April 20, 2007 and as further amended from time to time, among the Company and the other
parties thereto. The exercise of this Option may also be conditioned upon the Optionee’s execution of a restricted stock agreement or such other agreement(s) as the Administrator may require. 

11. Method of Payment. The payment of the aggregate Exercise Price shall be made by any of the following means, or a combination thereof: 

(a) cash; 
 (b) check; or 

(c) such other form of consideration as the Administrator shall determine in its discretion, provided that such form of consideration is
permitted by the Plan and by Applicable Laws. 
 Upon exercise of the Option by the Optionee and prior to the delivery of such Exercised
Shares, the Company shall have the right to require the Optionee to remit to the Company cash in an amount sufficient to satisfy applicable federal and state tax withholding requirements. 

12. Tax Consequences of Option. The Optionee understands that there may be U.S. and foreign income tax consequences to Optionee relating to the grant
and exercise of this Option, some of which are more particularly described on Appendix I attached hereto. The Optionee acknowledges that Optionee has been advised to consult with a tax advisor prior to Optionee’s execution and
delivery of this Agreement. 
 13. Restrictions on Transfer of Option. Unless otherwise consented to in advance in writing by the Administrator, this
Option may not be transferred in any manner other than by devise or descent and may be exercised during the lifetime of the Optionee only by the Optionee. The terms of the Plan and this Agreement shall be binding upon the executors, administrators,
heirs, successors and assigns of the Optionee. 

  
 3 








 14. Securities Matters. All Shares and Exercised Shares shall be subject to the restrictions on sale,
encumbrance and other disposition provided by Applicable Laws. The Company shall not be obligated to sell or issue any Shares or Exercised Shares pursuant to this Agreement unless, on the date of sale and issuance thereof, such Shares are either
registered under the Securities Act of 1933, as amended, and all applicable state securities laws, or are exempt from registration thereunder. 
 15.
Other Plans. No amounts of income received by the Optionee pursuant to this Agreement shall be considered compensation for purposes of any pension or retirement plan, insurance plan or any other employee benefit plan of the Company or its
subsidiaries, unless otherwise provided in such plan. 
 16. NO GUARANTEE OF CONTINUED SERVICE. THE OPTIONEE ACKNOWLEDGES AND AGREES THAT THE
RIGHT TO EXERCISE THIS OPTION PURSUANT TO THE EXERCISE SCHEDULE IS EARNED ONLY BY CONTINUING SERVICE WITH THE COMPANY (AND NOT THROUGH THE ACT OF BEING HIRED OR ENGAGED OR AS A RESULT OF BEING GRANTED THIS OPTION OR PURCHASING SHARES PURSUANT
HERETO). THE OPTIONEE FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE EXERCISE SCHEDULE DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED SERVICE FOR ANY PERIOD, OR AT ALL, AND SHALL
NOT INTERFERE WITH THE OPTIONEE’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE THE SERVICE RELATIONSHIP WITH THE OTHER PARTY AT ANY TIME, WITH OR WITHOUT CAUSE. 

17. Entire Agreement. The Plan and this Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and
supersede in their entirety all prior undertakings and agreements of the Company and the Optionee with respect to the subject matter hereof. No modification or amendment to this Agreement, nor any waiver of any rights under this Agreement, shall be
effective unless done in writing and signed by the Company and the Optionee. 
 18. Governing Law; Jurisdiction. The validity, interpretation,
construction and performance of this Agreement shall be governed by the laws of the State of Delaware, without giving effect to the principles of conflict or choice of laws. Any and all actions arising out of this Agreement shall be brought and
heard in the state courts of the State of Delaware and the parties hereto hereby irrevocably submit to the exclusive jurisdiction of these courts. 
 19.
Counterparts; Facsimile. This Agreement may be executed and delivered by facsimile signature and in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.


  
 4 








 20. Headings and Captions. The headings and captions of various sections of this Agreement are for
convenience of reference only and are not to be construed as defining or limiting, in any way, the scope or intent of the provisions hereof. 
 21.
Administrator Decision Binding; Notice. The Optionee shall accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions relating to the Plan and this Agreement. The Optionee shall notify the
Company upon any change in the Optionee’s residence address as provided herein. 
 22. ADVICE OF COUNSEL. THE OPTIONEE ACKNOWLEDGES THAT, IN
EXECUTING THIS AGREEMENT, THE OPTIONEE HAS HAD THE OPPORTUNITY TO SEEK THE ADVICE OF INDEPENDENT LEGAL COUNSEL, AND THE OPTIONEE HAS READ AND UNDERSTOOD ALL OF THE TERMS AND PROVISIONS OF THIS AGREEMENT AND THE PLAN. THIS AGREEMENT SHALL NOT BE
CONSTRUED AGAINST ANY PARTY BY REASON OF THE DRAFTING OR PREPARATION HEREOF. 
 [Remainder of Page Intentionally Left Blank; Signature
Page Follows] 

  
 5 








 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written
above. 
  

					
	COMPANY:
	
	 TRUPANION, INC.,
 a Delaware
corporation

		
	By:	 	  

		 	Name:	 	Darryl Rawlings
		 	Title:	 	President
	
	OPTIONEE:
	
	  

	[                    ]









 APPENDIX I 

TAX CONSEQUENCES OF OPTION 
 Some of the
U.S. federal income tax consequences relating to the grant and exercise of this Option, as of the date of this Option, are set forth below. THE FOLLOWING DESCRIPTION OF U.S. FEDERAL INCOME TAX CONSEQUENCES IS NECESSARILY INCOMPLETE (AS THE TAX
LAWS AND REGULATIONS ARE SUBJECT TO CHANGE), AND ASSUMES THAT THE EXERCISE PRICE OF THIS OPTION IS NO LESS THAN THE FAIR MARKET VALUE OF THE COMMON STOCK UNDERLYING THE OPTION ON THE GRANT DATE. MOREOVER, THIS SUMMARY ONLY ADDRESSES THE FEDERAL
INCOME TAX CONSEQUENCES UNDER THE LAWS OF THE UNITED STATES, AND DOES NOT ADDRESS WHETHER AND HOW THE TAX LAWS OF ANY OTHER JURISDICTION MAY APPLY TO THIS OPTION OR TO THE OPTIONEE. ACCORDINGLY, THE OPTIONEE SHOULD CONSULT A TAX ADVISER BEFORE
ACCEPTING THIS OPTION, EXERCISING THIS OPTION OR DISPOSING OF ANY EXERCISED SHARES. 
 Circular 230 Disclaimer: Nothing contained in this
discussion of certain federal income tax considerations is intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or (ii) promoting, marketing, or
recommending to another party any transactions or tax-related matters addressed herein. 
 Designation as Incentive Stock Option: 

Notwithstanding the designation of the whole or any portion of this Option as an Incentive Stock Option, if the Optionee becomes eligible in any given year to
exercise incentive stock options granted under any plan of the Company or any Parent or Subsidiary for Shares having a Fair Market Value in excess of $100,000, those incentive stock options representing the excess shall be treated as nonstatutory
stock options. For purposes of deciding which options apply to Shares that “exceed” the $100,000 limit, the options shall be considered in chronological order based on grant date, beginning with the earliest granted options. The Fair
Market Value of the Shares shall be determined as of the time the options with respect to such Shares is granted. 
 Grant of the Option: 

The grant of an Option generally will not result in the imposition of a tax under the federal income tax laws. 

Exercising the Option: 
 Nonstatutory
Stock Option. The Optionee may incur regular federal income tax liability upon exercise of a Nonstatutory Stock Option. The Optionee will be treated as having received compensation income (taxable at ordinary income tax rates) equal to the
excess, if any, of the Fair Market Value of the Exercised Shares on the date of exercise over the Exercise Payment. If the Optionee is an Employee or a former Employee, the Company will be required to withhold from his or her compensation or collect
from the Optionee and pay to the applicable taxing 







 
authorities an amount in cash equal to a specified percentage of this compensation income at the time of exercise, and may refuse to honor the exercise and refuse to deliver Shares if such
withholding amounts are not delivered at the time of exercise. 
 Incentive Stock Option. If this Option qualifies as an Incentive
Stock Option, the Optionee will have no regular federal income tax liability upon its exercise, although the excess, if any, of the Fair Market Value of the Exercised Shares on the date of exercise over the Exercise Payment will be treated as an
adjustment to alternative minimum taxable income for federal tax purposes and may subject the Optionee to alternative minimum tax in the year of exercise. In the event that the Optionee ceases to be an Employee but remains a Service Provider, any
Incentive Stock Option of the Optionee that remains unexercised shall cease to qualify as an Incentive Stock Option and will be treated for tax purposes as a Nonstatutory Stock Option on the date that is three (3) months and one (1) day
following such change of status. 
 Disposition of Shares: 

NSO Shares. Upon disposition of the Shares acquired pursuant to a Nonstatutory Stock Option (“NSO Shares”), the
Optionee will recognize a capital gain or loss equal to the difference between the selling price and the sum of the amount paid for the NSO Shares plus any amount recognized as ordinary income upon exercise of the Nonstatutory Stock Option. If the
Optionee holds NSO Shares for at least one year, any gain (or loss) realized on disposition of the NSO Shares will be treated as long-term capital gain (or loss) for federal income tax purposes. 

ISO Shares. If the Optionee holds Shares acquired pursuant to an Incentive Stock Option (“ISO Shares”) for at least
one year after exercise and two years after the grant date, any gain realized on disposition of the ISO Shares will be treated as long-term capital gain for federal income tax purposes. If the Optionee disposes of ISO Shares within one year after
exercise or within two years after the grant date, any gain realized on such disposition will be treated as compensation income (taxable at ordinary income rates) to the extent of the excess, if any, of the lesser of (A) the difference between
the Fair Market Value of the ISO Shares acquired on the date of exercise and the Exercise Payment, and (B) the difference between the sale price of such ISO Shares and the Exercise Payment. Any additional gain will be taxed as capital gain,
short-term or long-term depending on the period that the ISO Shares were held. 

  
 2 








 EXHIBIT A 

EXERCISE NOTICE 

TRUPANION, INC. 
 2007
EQUITY COMPENSATION PLAN 
 EXERCISE NOTICE 
  

			
	Date:	 	  


 Trupanion, Inc. 
 [Address]

 Attention: Plan Administrator 
 Dear Sir/Madam: 

Reference is hereby made to that certain Stock Option Agreement dated             ,
         (the “Option Agreement”) between the Company and the undersigned (“Purchaser”). Capitalized terms used herein but not otherwise defined shall have the meanings
ascribed to such terms in the Option Agreement. Purchaser hereby delivers this notice (this “Exercise Notice”) to the Company pursuant to the Option Agreement, with the following terms and conditions: 

1. Exercise of Option. Effective as of the date first above written, Purchaser hereby elects to purchase
             shares (the “Shares”) of the Common Stock of Trupanion, Inc. (the “Company”) under and pursuant to the Trupanion, Inc. 2007 Equity
Compensation Plan (the “Plan”) and the Option Agreement. The purchase price for the Shares shall be $        , as provided in the Option Agreement.
             of the Shares shall represent Shares acquired by reason of the exercise of an Incentive Stock Option and
             of the Shares to be shall represent Shares to be acquired by reason of the exercise of a Nonstatutory Stock Option. 

2. Delivery of Payment and Shareholder Agreement. Purchaser herewith delivers to the Company the Exercise Payment for the Shares and the applicable
shareholder agreement and any other documents required by the Administrator, duly executed by Purchaser. 
 3. Shareholders Agreement. Purchaser
hereby agrees, as a condition to receiving the Shares, to execute and deliver an Instrument of Accession in which the Purchaser shall agree to become a party to that certain Amended and Restated Shareholders Agreement, dated as of April 20,
2007 and as further amended from time to time, among the Company and the other parties thereto (the “Shareholders Agreement”). Purchaser acknowledges it has received and reviewed a copy of the Shareholders Agreement. 

4. Representations of Purchaser. Purchaser hereby represents and warrants to the Company as follows: 

(a) Purchaser has read and understands the Plan and the Option Agreement and agrees to abide by and be bound by their respective terms and
conditions. 







 (b) Purchaser is acquiring the Shares for Purchaser’s own account and the Shares are being
acquired by Purchaser for the purpose of investment and not with a view to distribution or resale thereof in violation of the Securities Act of 1933 (the “Securities Act”). Purchaser understands the Shares have not been registered
under the Securities Act or any other applicable securities laws, and, therefore, cannot be resold unless they are subsequently registered under the Securities Act and other applicable securities laws or unless an exemption from such registration is
available. Purchaser shall not resell or otherwise dispose of all or any part of the Shares except as permitted by law, including, without limitation, any regulations under the Securities Act and other applicable securities laws. Purchaser
understands that the Company does not have any present intention and is under no obligation to register the Shares under the Securities Act and other applicable securities laws. Purchaser understands that all certificates evidencing any of the
Shares, whether upon initial issuance or upon any transfer thereof, shall bear a legend, prominently stamped or printed thereon, reading substantially as follows: 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR APPLICABLE STATE SECURITIES
LAWS. THESE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, DELIVERED AFTER SALE, TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF (1) AN EFFECTIVE REGISTRATION STATEMENT COVERING SUCH SECURITIES UNDER THE SECURITIES ACT OF 1933 AND ANY
APPLICABLE STATE SECURITIES LAWS, OR (2) AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT EXEMPTION FROM REGISTRATION THEREUNDER IS AVAILABLE.” 

(c) Purchaser is able to bear the economic risk of this investment including a complete loss of the investment. 

Notwithstanding the foregoing, the representations and warranties contained in this paragraph 4 shall be applicable only if the Company does not
have an effective registration statement on Form S-8 covering the Plan on file with the Securities and Exchange Commission on the date hereof. 
 5.
Rights as Shareholder. Until the issuance (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company) of the Shares, no right to vote or right to receive dividends or any other
rights as a shareholder shall exist with respect to the Shares, notwithstanding the exercise of the Option. The Shares so acquired shall be issued to Purchaser as soon as practicable after exercise of the Option. No adjustment shall be made for a
dividend or other right for which the record date is prior to the date of issuance, unless otherwise provided by the Plan. 
 6. Tax Consultation.
Purchaser understands that Purchaser may suffer adverse tax consequences as a result of Purchaser’s purchase or disposition of the Shares. Purchaser represents that Purchaser has consulted with a tax advisor, prior to Purchaser’s delivery
of this Exercise Notice, with respect to the purchase or disposition of the Shares and that Purchaser is not relying on the Company for any tax advice. 

  
 2 








 7. Notice of Disqualifying Disposition of ISO Shares. If Purchaser sells or otherwise disposes of any of
the Shares acquired pursuant to an Incentive Stock Option (“ISO Shares”) on or before the later of (i) two (2) years after the Grant Date, or (ii) one year after the Exercise Date, Purchaser shall promptly notify the
Company in writing of such disposition. Purchaser agrees that Purchaser may be subject to income tax withholding by the Company on the compensation income recognized from such early disposition of ISO Shares by payment in cash or out of the current
earnings paid to Purchaser. 
 8. Counterparts; Facsimile. This Exercise Notice may be executed and delivered by facsimile signature and in two or
more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 Sincerely, 

 

					
	PURCHASER:
	
	  

	Name:	 	  

		
	Address:	 	
	
	  

	
	  

	
	Accepted by:
	
	COMPANY:
	
	 TRUPANION, INC.,
 a Delaware
corporation


  

					
	By:	 	  

		 	Name:	 	Darryl Rawlings
		 	Title:	 	President
		
	Date:	 	  



  
 3 








 STOCK OPTION AGREEMENT 

(IMMEDIATELY EXERCISABLE) 

THIS STOCK OPTION AGREEMENT (this “Agreement”) is made by and between TRUPANION, INC., a Delaware corporation, having its
principal place of business at 907 NW Ballard Way, Seattle, Washington 98107 (the “Company”), and the following individual: 
  

					
	Name:	  	[                    ] (the “Optionee”)	  	
			
	Address:	  	  
	  	
			
		  	  
	  	

 This Agreement is made pursuant to the Trupanion, Inc. 2007 Equity Compensation Plan (as amended, modified or
replaced from time to time, the “Plan”). Capitalized terms used herein but not otherwise defined shall have the meanings ascribed to such terms in the Plan. The Optionee agrees to be bound by the terms and conditions of the Plan,
which are incorporated herein by reference in their entirety. In case of any conflict between the provisions of the Plan and this Agreement, the provisions of the Plan shall control unless otherwise specifically provided therein. 

The Optionee is hereby granted an Option (this “Option”) to purchase Common Stock, subject in all events to the terms and
conditions of the Plan and this Agreement, as follows: 
 1. Date of Grant and Vesting Commencement Date. This Option is granted on
                     (the “Grant Date”) and will be deemed to have commenced vesting on
                     (the “Vesting Commencement Date”). 

2. Type of Option. This Option is intended to be a Nonstatutory Stock Option and shall not be treated as an Incentive Stock Option within the meaning
of Section 422(b) of the Code. 
 3. Shares Covered by this Option. Subject to Section 6 below, this Option is exercisable for
[            ] total Shares (the “Shares”). 
 4. Exercise Price. The
exercise price of this Option is $[        ] per Share (the “Exercise Price”). 
 5. Expiration
Date. This Option expires on [                    ] (the “Expiration Date”). 

6. Right to Exercise. Except as otherwise provided herein, this Option shall be exercisable during the period beginning on the later of the Grant Date
and the date on which the Optionee first becomes a Service Provider and ending on the earlier of the date the Option terminates and is canceled and the Expiration Date (the “Exercise Period”). During the Exercise Period, this Option
shall be exercisable in an amount not to exceed the number of Shares less the number of shares previously acquired upon exercise of this Option, subject to the Unvested Share Repurchase Option set forth in Section 14. 







 7. Vesting Schedule. The number of Vested Shares (as defined below), disregarding any resulting fractional
share, shall be determined in accordance with the following schedule: 
 (a) Until the first
(1st) anniversary of the Vesting Commencement Date, none of the Shares shall be Vested Shares; 

(b) On the first (1st) anniversary of the Vesting Commencement Date, twenty-five percent (25%) of the Shares shall become Vested Shares; and 
 (c) On the last day of
each full calendar month occurring after the first (1st) anniversary of the Vesting Commencement Date, until all Shares shall have become Vested Shares, one forty-eighth (1/48th) of the Shares shall become Vested Shares. 
 As used herein, “Vested
Shares” means, on any given date, the number of Shares that are not subject to the Unvested Share Repurchase Option set forth in Section 14, and “Unvested Shares” means, on any given date, the number of Shares acquired
upon exercise of this Option which exceed the Vested Shares determined as of such date. 
 Notwithstanding anything to the contrary
contained above, in the event that the application of any of the foregoing provisions of this Section 7 would result in the number of Vested Shares including a fraction of a Share, then, the number of Shares that shall become Vested Shares
shall be rounded up to the nearest whole number of Shares. 
 8. Exercise of Option Following Termination of Service. This Option shall terminate and
be canceled to the extent not exercised within ninety (90) days after the Optionee ceases to be a Service Provider, except that if such cessation is due to the death or Disability of the Optionee, this Option shall terminate and be canceled
twelve (12) months after the Optionee ceases to be a Service Provider. Notwithstanding anything to the contrary contained herein, this Option may not be exercised after the date the Optionee ceases to be a Service Provider to the extent that
the Shares to be acquired upon such exercise would be subject to the Unvested Share Repurchase Option set forth in Section 14. 
 9. Breach of
Existing Covenants. This Option shall be forfeited, terminated and canceled in the event that the Optionee breaches any agreement between the Optionee and the Company with respect to noncompetition, nonsolicitation, assignment of inventions and
contributions and/or nondisclosure obligations of the Optionee. 
 10. Method of Exercise. This Option is exercisable by delivery to the Company of
an exercise notice in the form attached hereto as Exhibit A (the “Exercise Notice”) or such other form as the Administrator may require, which notice shall state the election to exercise this Option, the number of Shares
with respect to which this Option is being exercised (the “Exercised Shares”), and such other representations and agreements as may be required by the Company pursuant to the provisions of the Plan. The Exercise Notice shall be
accompanied by payment (the “Exercise Payment”) of an amount equal to the product of the Exercise Price and the number of Exercised Shares. This Option shall be deemed to be exercised upon receipt by the Company of the Exercise
Notice, as executed by the Optionee, and the Exercise Payment. Notwithstanding the foregoing, no Exercised Shares shall be issued unless the exercise of this Option and the issuance of the Exercised Shares complies with the requirements relating to
the 

  
 2 








 
administration of stock option plans and other applicable equity plans under Applicable Laws. Assuming such compliance, for income tax purposes the Exercised Shares shall be considered
transferred to the Optionee on the date this Option is exercised with respect to the Exercised Shares. 
 11. Conditions to Exercise. It shall be a
condition precedent to the exercise of this Option that the Optionee execute an Instrument of Accession in which the Optionee shall agree to become a party to that certain Amended and Restated Shareholders Agreement, dated as of April 20, 2007
and as further amended from time to time, among the Company and the other parties thereto. The exercise of this Option may also be conditioned upon the Optionee’s execution of a restricted stock agreement or such other agreement(s) as the
Administrator may require. 
 12. Method of Payment. The payment of the aggregate Exercise Price shall be made by any of the following means, or a
combination thereof: 
 (a) cash; 

(b) check; or 
 (c) such other
form of consideration as the Administrator shall determine in its discretion, provided that such form of consideration is permitted by the Plan and by Applicable Laws. 

Upon exercise of the Option by the Optionee and prior to the delivery of such Exercised Shares, the Company shall have the right to require
the Optionee to remit to the Company cash in an amount sufficient to satisfy applicable federal and state tax withholding requirements. 
 13. Tax
Consequences of Option. The Optionee understands that there may be U.S. and foreign income tax consequences to Optionee relating to the grant and exercise of this Option, some of which are more particularly described on Appendix I
attached hereto. The Optionee acknowledges that Optionee has been advised to consult with a tax advisor prior to Optionee’s execution and delivery of this Agreement. 

14. Unvested Share Repurchase Option. 

(a) Grant of Unvested Share Repurchase Option. In the event the Optionee ceases to be a Service Provider for any reason or no reason,
with or without Cause, or, if the Optionee, the Optionee’s legal representative, or other holder of shares acquired upon exercise of the Option attempts to sell, exchange, transfer, pledge, or otherwise dispose of any Unvested Shares, the
Company shall have the right to repurchase the Unvested Shares under the terms and subject to the conditions set forth in this Section 14 (the “Unvested Share Repurchase Option”). 

(b) Exercise of Unvested Share Repurchase Option. The Company may exercise the Unvested Share Repurchase Option by written notice to
the Optionee within sixty (60) days after (a) the Optionee ceases to be a Service Provider (or exercise of the Option, if later); or (b) the Company has received notice of the attempted disposition of Unvested Shares. If the Company
fails to give notice within such sixty (60) day period, the Unvested Share Repurchase Option 

  
 3 








 
shall terminate unless the Company and the Optionee have extended the time for the exercise of the Unvested Share Repurchase Option. The Unvested Share Repurchase Option must be exercised, if at
all, for all of the Unvested Shares, except as the Company and the Optionee otherwise agree. 
 (c) Payment for Shares and Return of
Shares to Company. The purchase price per share being repurchased by the Company shall be an amount equal to the Optionee’s original cost per share, as adjusted pursuant to Section 16 of the Plan (the “Repurchase
Price”). The Company shall pay the aggregate Repurchase Price to the Optionee in cash within thirty (30) days after the date of the written notice to the Optionee of the Company’s exercise of the Unvested Share Repurchase Option.
For purposes of the foregoing, cancellation of any purchase money indebtedness of the Optionee to the Company, or any Parent or Subsidiary, for the shares shall be treated as payment to the Optionee in cash to the extent of the unpaid principal and
any accrued interest cancelled. The shares being repurchased shall be delivered to the Company by the Optionee at the same time as the delivery of the Repurchase Price to the Optionee. 

(d) Assignment of Unvested Share Repurchase Option. The Company shall have the right to assign the Unvested Share Repurchase Option at
any time, whether or not such option is then exercisable, to one or more persons as may be selected by the Company. 
 (e) Change of
Control or Stock Distribution. Upon the occurrence of a Change of Control or any stock dividend, stock split or other change in the character or amount of any of the outstanding stock of the Company the stock of which is subject to the
provisions of this Agreement, any and all new, substituted or additional securities or other property to which the Optionee is entitled by reason of the Optionee’s ownership of Unvested Shares shall be immediately subject to the Unvested Share
Repurchase Option and included in the terms “Shares” and “Unvested Shares” for all purposes of the Unvested Share Repurchase Option with the same force and effect as the Unvested Shares immediately prior to the Change of Control
or stock dividend, stock split or other change. While the aggregate Repurchase Price shall remain the same after such Change of Control or stock dividend, stock split or other change, the Repurchase Price per Unvested Share upon exercise of the
Unvested Share Repurchase Option following such Change of Control or stock dividend, stock split or other change shall be adjusted as appropriate. 
 15.
Escrow. 
 (a) Establishment of Escrow. To ensure that Shares subject to the Unvested Share Repurchase Option will be
available for repurchase, the Company may require the Optionee to deposit the certificate evidencing the Shares which the Optionee purchases upon exercise of the Option with an escrow agent designated by the Company under the terms and conditions of
escrow and security agreements approved by the Company. If the Company does not require such deposit as a condition of exercise of the Option, the Company reserves the right at any time to require the Optionee to so deposit the certificate in
escrow. Upon the occurrence of an Change of Control in the character or amount of any of the outstanding stock of the corporation the stock of which is subject to the provisions of this Option Agreement, any and all new, substituted or additional
securities or other property to which the Optionee is entitled by reason of the Optionee’s ownership of Shares acquired upon exercise of the Option that remain, 

  
 4 








 
following such Change of Control, subject to the Unvested Share Repurchase Option, or any security interest held by the Company shall be immediately subject to the escrow to the same extent as
such Shares immediately before such event. The Company shall bear the expenses of the escrow. 
 (b) Delivery of Shares to Optionee.
As soon as practicable after the expiration of the Unvested Share Repurchase Option and after full repayment of any promissory note secured by the Shares in escrow, but not more frequently than twice each calendar year, the escrow agent shall
deliver to the Optionee the shares no longer subject to such restrictions and no longer securing any promissory note. 
 (c) Notices and
Payments. In the event the Shares held in escrow are subject to the Company’s exercise of the Unvested Share Repurchase Option, the notices required to be given to the Optionee shall be given to the escrow agent, and any payment required to
be given to the Optionee shall be given to the escrow agent. Within thirty (30) days after payment by the Company, the escrow agent shall deliver the Shares which the Company has purchased to the Company and shall deliver the payment received
from the Company to the Optionee. 
 16. Legend. The Company may at any time place legends referencing the Unvested Share Repurchase Option on all
certificates representing Unvested Shares. The Optionee shall, at the request of the Company, promptly present to the Company any and all certificates representing Unvested Shares in the possession of the Optionee in order to carry out the
provisions of this Section 16. Unless otherwise specified by the Company, legends placed on such certificates may include, but shall not be limited to, the following: 

“THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO AN UNVESTED SHARE REPURCHASE OPTION IN FAVOR OF THE COMPANY OR ITS ASSIGNEE SET
FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER, OR SUCH HOLDER’S PREDECESSOR IN INTEREST, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THIS COMPANY.” 

17. Restrictions on Transfer of Option. Unless otherwise consented to in advance in writing by the Administrator, this Option may not be transferred in
any manner other than by devise or descent and may be exercised during the lifetime of the Optionee only by the Optionee. The terms of the Plan and this Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of
the Optionee. 
 18. Securities Matters. All Shares and Exercised Shares shall be subject to the restrictions on sale, encumbrance and other
disposition provided by Applicable Laws. The Company shall not be obligated to sell or issue any Shares or Exercised Shares pursuant to this Agreement unless, on the date of sale and issuance thereof, such Shares are either registered under the
Securities Act of 1933, as amended, and all applicable state securities laws, or are exempt from registration thereunder. 

  
 5 








 19. Other Plans. No amounts of income received by the Optionee pursuant to this Agreement shall be
considered compensation for purposes of any pension or retirement plan, insurance plan or any other employee benefit plan of the Company or its subsidiaries, unless otherwise provided in such plan. 

20. NO GUARANTEE OF CONTINUED SERVICE. THE OPTIONEE ACKNOWLEDGES AND AGREES THAT VESTING OF THE SHARES PURSUANT TO THE VESTING SCHEDULE IS EARNED
ONLY BY CONTINUING TO BE A SERVICE PROVIDER (AND NOT THROUGH THE ACT OF BEING HIRED OR ENGAGED OR AS A RESULT OF BEING GRANTED THIS OPTION OR PURCHASING SHARES PURSUANT HERETO). THE OPTIONEE FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE
TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED SERVICE FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE WITH THE OPTIONEE’S RIGHT OR THE COMPANY’S RIGHT TO
TERMINATE THE SERVICE RELATIONSHIP WITH THE OTHER PARTY AT ANY TIME, WITH OR WITHOUT CAUSE. 
 21. Entire Agreement. The Plan and this Agreement
constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Optionee with respect to the subject matter hereof. No modification
or amendment to this Agreement, nor any waiver of any rights under this Agreement, shall be effective unless done in writing and signed by the Company and the Optionee. 

22. Governing Law; Jurisdiction. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the
State of Delaware, without giving effect to the principles of conflict or choice of laws. Any and all actions arising out of this Agreement shall be brought and heard in the state courts of the State of Delaware and the parties hereto hereby
irrevocably submit to the exclusive jurisdiction of these courts. 
 23. Counterparts; Facsimile. This Agreement may be executed and delivered by
facsimile signature and in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

24. Headings and Captions. The headings and captions of various sections of this Agreement are for convenience of reference only and are not to be
construed as defining or limiting, in any way, the scope or intent of the provisions hereof. 
 25. Administrator Decision Binding; Notice. The
Optionee shall accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions relating to the Plan and this Agreement. The Optionee shall notify the Company upon any change in the Optionee’s
residence address as provided herein. 
 26. ADVICE OF COUNSEL. THE OPTIONEE ACKNOWLEDGES THAT, IN EXECUTING THIS AGREEMENT, THE OPTIONEE HAS HAD
THE OPPORTUNITY 

  
 6 








 
TO SEEK THE ADVICE OF INDEPENDENT LEGAL COUNSEL, AND THE OPTIONEE HAS READ AND UNDERSTOOD ALL OF THE TERMS AND PROVISIONS OF THIS AGREEMENT AND THE PLAN. THIS AGREEMENT SHALL NOT BE CONSTRUED
AGAINST ANY PARTY BY REASON OF THE DRAFTING OR PREPARATION HEREOF. 
 [Remainder of Page Intentionally Left Blank; Signature Page
Follows] 

  
 7 








 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written
above. 
  

					
	COMPANY:
	
	 TRUPANION, INC.,
 a Delaware
corporation

		
	By:	 	  

		 	Name:	 	Darryl Rawlings
		 	Title:	 	President
	
	OPTIONEE:
	
	  

	[                    ]









 APPENDIX I 

TAX CONSEQUENCES OF OPTION 
 Some of the
U.S. federal income tax consequences relating to the grant and exercise of this Option, as of the date of this Option, are set forth below. THE FOLLOWING DESCRIPTION OF U.S. FEDERAL INCOME TAX CONSEQUENCES IS NECESSARILY INCOMPLETE (AS THE TAX
LAWS AND REGULATIONS ARE SUBJECT TO CHANGE), AND ASSUMES THAT THE EXERCISE PRICE OF THIS OPTION IS NO LESS THAN THE FAIR MARKET VALUE OF THE COMMON STOCK UNDERLYING THE OPTION ON THE GRANT DATE. MOREOVER, THIS SUMMARY ONLY ADDRESSES THE FEDERAL
INCOME TAX CONSEQUENCES UNDER THE LAWS OF THE UNITED STATES, AND DOES NOT ADDRESS WHETHER AND HOW THE TAX LAWS OF ANY OTHER JURISDICTION MAY APPLY TO THIS OPTION OR TO THE OPTIONEE. ACCORDINGLY, THE OPTIONEE SHOULD CONSULT A TAX ADVISER BEFORE
ACCEPTING THIS OPTION, EXERCISING THIS OPTION OR DISPOSING OF ANY EXERCISED SHARES. 
 Circular 230 Disclaimer: Nothing contained in this
discussion of certain federal income tax considerations is intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or (ii) promoting, marketing, or
recommending to another party any transactions or tax-related matters addressed herein. 
 Grant of the Option: 

The grant of an Option generally will not result in the imposition of a tax under the federal income tax laws. 

Exercising the Option: 
 Nonstatutory
Stock Option Generally. The Optionee may incur regular federal income tax liability upon exercise of a Nonstatutory Stock Option. The Optionee will be treated as having received compensation income (taxable at ordinary income tax rates) equal to
the excess, if any, of the Fair Market Value of the Exercised Shares on the date of exercise over the Exercise Payment. If the Optionee is an Employee or a former Employee, the Company will be required to withhold from his or her compensation or
collect from the Optionee and pay to the applicable taxing authorities an amount in cash equal to a specified percentage of this compensation income at the time of exercise, and may refuse to honor the exercise and refuse to deliver Shares if such
withholding amounts are not delivered at the time of exercise. 
 Election Under Section 83(b) of the Code. If the Optionee
exercises this Option to purchase Shares that are both nontransferable and subject to a substantial risk of forfeiture, the Optionee understands that the Optionee should consult with the Optionee’s tax advisor regarding the advisability of
filing with the Internal Revenue Service an election under Section 83(b) of the Code, which must be filed no later than thirty (30) days after the date on which the Optionee exercises the Option. Shares acquired upon exercise of the Option
are nontransferable and subject to a substantial risk of forfeiture if, for example, (a) they are unvested and are subject to a 







 
right of the Company to repurchase such shares at the Optionee’s original purchase price if the Optionee ceases to be a Service Provider; or (b) the Optionee is an officer or director
of the Company, or another person whose transactions in Shares are subject to Section 16 of the Exchange Act, and, under certain circumstances, exercises the Option within six (6) months of the Grant Date (if a class of equity security of
the Company is registered under Section 12 of the Exchange Act). Failure to file an election under Section 83(b), if appropriate, may result in adverse tax consequences to the Optionee. The Optionee acknowledges that the Optionee has been
advised to consult with a tax advisor prior to the exercise of the Option regarding the tax consequences to the Optionee of the exercise of the Option. AN ELECTION UNDER SECTION 83(b) MUST BE FILED WITHIN 30 DAYS AFTER THE DATE ON WHICH THE
OPTIONEE PURCHASES SHARES. THIS TIME PERIOD CANNOT BE EXTENDED. THE OPTIONEE ACKNOWLEDGES THAT TIMELY FILING OF A SECTION 83(b) ELECTION IS THE OPTIONEE’S SOLE RESPONSIBILITY, EVEN IF THE OPTIONEE REQUESTS THE COMPANY OR ITS REPRESENTATIVE
TO FILE SUCH ELECTION ON HIS OR HER BEHALF. 
 Disposition of Shares: 

Upon disposition of the Shares acquired pursuant to a Nonstatutory Stock Option (“NSO Shares”), the Optionee will recognize a
capital gain or loss equal to the difference between the selling price and the sum of the amount paid for the NSO Shares plus any amount recognized as ordinary income upon exercise of the Nonstatutory Stock Option. If the Optionee holds NSO Shares
for at least one year, any gain (or loss) realized on disposition of the NSO Shares will be treated as long-term capital gain (or loss) for federal income tax purposes. 

  
 2 








 EXHIBIT A 

EXERCISE NOTICE 

TRUPANION, INC. 
 2007
EQUITY COMPENSATION PLAN 
 EXERCISE NOTICE 

(IMMEDIATELY EXERCISABLE) 
  

			
	Date:	 	  


 Trupanion, Inc. 
 [Address]

 Attention: Plan Administrator 
 Dear Sir/Madam: 

Reference is hereby made to that certain Stock Option Agreement dated
                ,         (the “Option Agreement”) between the Company and the undersigned
(“Purchaser”). Capitalized terms used herein but not otherwise defined shall have the meanings ascribed to such terms in the Option Agreement. Purchaser hereby delivers this notice (this “Exercise Notice”) to the
Company pursuant to the Option Agreement, with the following terms and conditions: 
 1. Exercise of Option. Effective as of the date first above
written, Purchaser hereby elects to purchase              shares (the “Shares”) of the Common Stock of Trupanion, Inc. (the “Company”) under and pursuant
to the Trupanion, Inc. 2007 Equity Compensation Plan (the “Plan”) and the Option Agreement. The purchase price for the Shares shall be $        , as provided in the Option Agreement.
             of the Shares are Vested Shares, and              of the Shares are Unvested Shares. 

2. Delivery of Payment and Shareholder Agreement. Purchaser herewith delivers to the Company the Exercise Payment for the Shares and the applicable
shareholder agreement and any other documents required by the Administrator, duly executed by Purchaser. 
 3. Shareholders Agreement. Purchaser
hereby agrees, as a condition to receiving the Shares, to execute and deliver an Instrument of Accession in which the Purchaser shall agree to become a party to that certain Amended and Restated Shareholders Agreement, dated as of April 20,
2007 and as further amended from time to time, among the Company and the other parties thereto (the “Shareholders Agreement”). Purchaser acknowledges it has received and reviewed a copy of the Shareholders Agreement. 

4. Representations of Purchaser. Purchaser hereby represents and warrants to the Company as follows: 

(a) Purchaser has read and understands the Plan and the Option Agreement and agrees to abide by and be bound by their respective terms and
conditions, including the Unvested Share Repurchase Option set forth therein. If required by the Company, Purchaser agrees to 







 
deposit the certificate(s) evidencing the Shares, along with a blank stock assignment separate from certificate executed by Purchaser, with an escrow agent designated by the Company, to be held
pursuant to the Company’s standard Joint Escrow Instructions. 
 (b) Purchaser is acquiring the Shares for Purchaser’s own account
and the Shares are being acquired by Purchaser for the purpose of investment and not with a view to distribution or resale thereof in violation of the Securities Act of 1933 (the “Securities Act”). Purchaser understands the Shares
have not been registered under the Securities Act or any other applicable securities laws, and, therefore, cannot be resold unless they are subsequently registered under the Securities Act and other applicable securities laws or unless an exemption
from such registration is available. Purchaser shall not resell or otherwise dispose of all or any part of the Shares except as permitted by law, including, without limitation, any regulations under the Securities Act and other applicable securities
laws. Purchaser understands that the Company does not have any present intention and is under no obligation to register the Shares under the Securities Act and other applicable securities laws. Purchaser understands that all certificates evidencing
any of the Shares, whether upon initial issuance or upon any transfer thereof, shall bear a legend, prominently stamped or printed thereon, reading substantially as follows: 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR APPLICABLE STATE SECURITIES
LAWS. THESE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, DELIVERED AFTER SALE, TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF (1) AN EFFECTIVE REGISTRATION STATEMENT COVERING SUCH SECURITIES UNDER THE SECURITIES ACT OF 1933 AND ANY
APPLICABLE STATE SECURITIES LAWS, OR (2) AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT EXEMPTION FROM REGISTRATION THEREUNDER IS AVAILABLE.” 

(c) Purchaser is able to bear the economic risk of this investment including a complete loss of the investment. 

Notwithstanding the foregoing, the representations and warranties contained in this paragraph 4 shall be applicable only if the Company does not
have an effective registration statement on Form S-8 covering the Plan on file with the Securities and Exchange Commission on the date hereof. 
 5.
Rights as Shareholder. Until the issuance (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company) of the Shares, no right to vote or right to receive dividends or any other
rights as a shareholder shall exist with respect to the Shares, notwithstanding the exercise of the Option. The Shares so acquired shall be issued to Purchaser as soon as practicable after exercise of the Option. No adjustment shall be made for a
dividend or other right for which the record date is prior to the date of issuance, unless otherwise provided by the Plan. 

  
 2 








 6. Tax Consultation. Purchaser understands that Purchaser may suffer adverse tax consequences as a result
of Purchaser’s purchase or disposition of the Shares. Purchaser represents that Purchaser has consulted with a tax advisor, prior to Purchaser’s delivery of this Exercise Notice, with respect to the purchase or disposition of the Shares
and that Purchaser is not relying on the Company for any tax advice. 
 7. Election Under Section 83(b) of the Code. Purchaser understands and
acknowledges that if Purchaser is exercising the Option to purchase Unvested Shares (i.e., shares that remain subject to the Company’s Unvested Share Repurchase Option), that Purchaser should consult with Purchaser’s tax advisor regarding
the advisability of filing with the Internal Revenue Service an election under Section 83(b) of the Code, which must be filed no later than thirty (30) days after the date on which Purchaser exercises the Option. Purchaser acknowledges
that Purchaser has been advised to consult with a tax advisor prior to the exercise of the Option regarding the tax consequences to Purchaser of exercising the Option. AN ELECTION UNDER SECTION 83(b) MUST BE FILED WITHIN 30 DAYS AFTER THE DATE
ON WHICH PURCHASER PURCHASE SHARES. THIS TIME PERIOD CANNOT BE EXTENDED. PURCHASER ACKNOWLEDGES THAT TIMELY FILING OF A SECTION 83(b) ELECTION IS PURCHASER’S SOLE RESPONSIBILITY, EVEN IF PURCHASER REQUESTS THAT THE COMPANY OR ITS
REPRESENTATIVES FILE SUCH ELECTION ON PURCHASER’S BEHALF. 
 8. Counterparts; Facsimile. This Exercise Notice may be executed and delivered by
facsimile signature and in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
  

			
	Sincerely,
	
	PURCHASER:
	
	  

		
	Name:	 	  

	
	Address:
	
	  

	
	  



  
 3 









					
	Accepted by:
	
	COMPANY:
	
	 TRUPANION, INC.,
 a Delaware
corporation

		
	By:	 	  

		 	Name:	 	Darryl Rawlings
		 	Title:	 	President
		
	Date:	 	  



  
 4 








 TRUPANION, INC. 

NOTICE OF GRANT OF RESTRICTED STOCK 
 The
Participant has been granted an award (the “Award”) of certain shares of Stock (the “Shares”) of Trupanion, Inc. (the “Company”) pursuant to the Trupanion, Inc. 2007 Equity
Compensation Plan (the “Plan”), as follows: 
  

					
	Participant:	  	
		
	Date of Grant:	  	
		
	Total Number of Shares:	  	            , subject to adjustment as provided by the Restricted Stock Agreement.
		
	Fair Market Value per Share on Date of Grant:	  	$        
		
	Initial Vesting Date:	  	The date one (1) year after the Date of Grant.
		
	Vested Shares:	  	Except as provided in the Restricted Stock Agreement, the number of Vested Shares (disregarding any resulting fractional share) as of any date is determined by multiplying the Total Number of Shares by the
“Vested Ratio” determined as of such date as follows:
			
	 	  	 	  	 Vested Ratio

			
		  	Prior to Initial Vesting Date	  	0
			
		  	On Initial Vesting Date, provided the Participant’s service has not terminated prior to such date, and provided further that the closing of an initial public offering of the Shares (an “IPO Closing”)
occurs on or before the Initial Vesting Date	  	1/6
			
		  	Plus	  	
			
		  	For each full year of the Participant’s continuous service from Initial Vesting Date until the Vested Ratio equals 1/1, provided that an IPO Closing occurs on or before the applicable anniversary of the Initial Vesting Date, an
additional	  	1/6
		
		  	If an IPO Closing occurs after the Initial Vesting Date, but on or prior to a subsequent anniversary of the Initial Vesting Date, the Vested Ratio on that subsequent anniversary date shall include the portion of the
Award that would have vested if the IPO Closing occurred on or before the Initial Vesting Date, For example, if an IPO Closing occurs on the fourth anniversary of the Initial Vesting Date, the Vested Ratio on the date of the IPO Closing shall be
5/6.
		
		  	If the closing of an initial public offering of the Shares occurs on or after the fifth anniversary of the Initial Vesting Date, the Total Number of Shares shall become Vested Shares on the closing date.
		
		  	Before the date of an IPO Closing, the Vested Ratio shall be zero.








 Other Terms and Conditions: 
  

	 	1.	2007 Equity Compensation Plan. By their signatures below, the Company and the Participant agree that the Award is governed by this Notice and by the provisions of the Plan and the Restricted Stock Agreement, both
of which are attached to and made a part of this document. The Participant acknowledges receipt of copies of the Plan and the Restricted Stock Agreement, represents that the Participant has read and is familiar with their provisions, and hereby
accepts the Award subject to all of their terms and conditions. 

  

	 	2.	Electronic Transmission for Stockholder Notices. By providing Participant’s email address below, Participant hereby consents to receive electronically transmitted notices for any and all purposes under the
Delaware General Corporate Law at the email address provided or as subsequently modified by written notice. Unless otherwise required by law, such electronic notice, if sent during normal business hours of the recipient, will be effective on the
next business day. 

  

	 	3.	Section 409A. The Fair Market Value per Share represents an amount the Company believes to be no less than the fair market value of a share of Stock as of the Date of Grant, determined in good faith in
compliance with the requirements of Section 409A of the Internal Revenue Code. There is no guarantee that the Internal Revenue Service (“IRS”) will agree with the Company’s determination. A subsequent IRS
determination that the Fair Market Value per Share is less than such fair market value could result in adverse tax consequences to Participant. By signing below, Participant agrees that the Company, its directors, officers and shareholders shall not
be held liable for any tax, penalty, interest or cost incurred by Participant as a result of such determination by the IRS. Participant is urged to consult with his or her own tax adviser regarding the tax consequences of the Participant, including
the application of Section 409A. 

  

									
	TRUPANION, INC.	 		 	PARTICIPANT
				
	By:	 	  
	 		 	  

		 		 		 	Signature
	Its:	 	  
	 		 	  

		 		 		 	Date
	Address:	 	  
	 		 	  

		 		 		 	Address
		 	  
	 		 	  

					
		 		 		 	Email:	 	  


  

			
	ATTACHMENTS:	 	2007 Equity Compensation Plan, as amended to the Date of Grant; Restricted Stock Agreement, Assignment Separate from Certificate and form of Section 83(b) Election








 THE SECURITIES WHICH ARE THE SUBJECT OF THIS AGREEMENT HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO,
OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISPOSITION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT
REQUIRED UNDER THE SECURITIES ACT OF 1933. 
 TRUPANION, INC. 

RESTRICTED STOCK AGREEMENT 

Trupanion, Inc. has granted to the Participant named in the Notice of Grant of Restricted Stock (the “Grant Notice”)
to which this Restricted Stock Agreement (the “Agreement”) is attached an Award consisting of Shares subject to the terms and conditions set forth in the Grant Notice and this Agreement. The Award has been granted pursuant to
and shall in all respects be subject to the terms and conditions of the Trupanion, Inc. 2007 Equity Compensation Plan (the “Plan”), as amended to the Date of Grant, the provisions of which are incorporated herein by
reference. By signing the Grant Notice, the Participant: (a) acknowledges receipt of, and represents that the Participant has read and is familiar with, the Grant Notice, this Agreement and the Plan, (b) accepts the Award subject to all of
the terms and conditions of the Grant Notice, this Agreement and the Plan, and (c) agrees to accept as binding, conclusive and final all decisions or interpretations of the Board upon any questions arising under the Grant Notice, this Agreement
or the Plan. 
 1. DEFINITIONS AND CONSTRUCTION. 

1.1 Definitions. Unless otherwise defined herein, capitalized terms shall have the meanings assigned to such terms in the Grant Notice
or the Plan. 
 1.2 Construction. Captions and titles contained herein are for convenience only and shall not affect the meaning or
interpretation of any provision of this Agreement. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular. Use of the term “or” is not intended to be exclusive,
unless the context clearly requires otherwise. 
 2. TAX
MATTERS. 
 2.1 Election under Section 83(b) of the Code. The
Participant understands that Section 83 of the Code taxes as ordinary income the difference between the amount paid for the Shares, if anything, and the fair market value of the Shares as of the date on which the Shares are “substantially
vested,” within the meaning of Section 83. In this context, “substantially vested” means that the right of the Company to reacquire the Shares pursuant to the Company Reacquisition Right has lapsed. The Participant understands
that he or she may elect to have his or her taxable income determined at the time he or she acquires the Shares rather than when and as the Company Reacquisition Right lapses by filing an election under Section 83(b) of the Code with the
Internal Revenue Service no later than thirty (30) days after the date of acquisition of the Shares. The Participant understands that failure to make a timely filing under Section 83(b) will result in his or her recognition of ordinary
income, as the Company Reacquisition Right lapses, on the difference between the purchase price, if anything, and the fair market value of the Shares at the time such restrictions lapse. The Participant further understands, however, that if Shares
with respect to which an election under Section 83(b) has been made are forfeited to the Company pursuant to its Company Reacquisition Right, such forfeiture will be treated as a sale on which there is realized a loss equal to the excess (if
any) of the amount paid (if any) by the Participant for the forfeited Shares over the amount realized (if any) upon their forfeiture. If the Participant has paid nothing 

  
 1 








 
for the forfeited Shares and has received no payment upon their forfeiture, the Participant understands that he or she will be unable to recognize any loss on the forfeiture of the Shares even
though the Participant incurred a tax liability by making an election under Section 83(b). 
 2.2 Notice to Company. The
Participant will notify the Company in writing if the Participant files an election pursuant to Section 83(b) of the Code. The Company intends, in the event it does not receive from the Participant evidence of such filing, to claim a tax
deduction for any amount which would otherwise be taxable to the Participant in the absence of such an election. 
 2.3 Valuation of the
Shares. 
 (a) The Shares have been valued by the Company, and the Company believes this valuation represents a fair attempt at
reaching an accurate appraisal of their worth. The Participant understands, however, that the Company can give no assurances that such valuation is in fact the fair market value of the Shares and that it is possible that with the benefit of
hindsight, the Internal Revenue Service would successfully assert that the value of the Shares on any relevant date is greater than so determined. 

(b) If the Internal Revenue Service were to succeed in a tax determination under the Code that the Shares received have a value greater than
that determined by the Company, the additional value would constitute ordinary income as of the date of the Participant’s realization of income. The additional taxes (and interest) due would be payable by the Participant, and there is no
provision for the Company to reimburse him or her for that tax liability, and the Participant assumes all responsibility for such potential tax liability. Under present law, in the event such additional value would represent more than twenty-five
(25%) of the Participant’s gross income for the year in which the value of the Shares were taxable, the Internal Revenue Service would have six (6) years from the due date for filing the return (or the actual filing date of the return
if filed thereafter) within which to assess the Participant the additional tax and interest which would then be due. The Company undertakes no obligation to inform the Participant of any change in the tax laws which may effect this Agreement or its
consequences. 
 2.4 Consultation with Tax Advisors. The Participant understands that he or she should consult with his or her tax
advisor regarding the advisability of filing with the Internal Revenue Service an election under Section 83(b) of the Code, which must be filed no later than thirty (30) days after the date of the acquisition of the Shares pursuant to this
Agreement. Failure to file an election under Section 83(b), if appropriate, may result in adverse tax consequences to the Participant. The Participant acknowledges that he or she has been advised to consult with a tax advisor regarding the tax
consequences to the Participant of the purchase of Shares hereunder. ANY ELECTION UNDER SECTION 83(b) THE PARTICIPANT WISHES TO MAKE MUST BE FILED NO LATER THAN 30 DAYS AFTER THE DATE ON WHICH THE PARTICIPANT ACQUIRES THE SHARES. THIS TIME PERIOD
CANNOT BE EXTENDED. THE PARTICIPANT ACKNOWLEDGES THAT TIMELY FILING OF A SECTION 83(b) ELECTION IS THE PARTICIPANT’S SOLE RESPONSIBILITY, EVEN IF THE PARTICIPANT REQUESTS THE COMPANY OR ITS REPRESENTATIVE TO FILE SUCH ELECTION ON HIS OR HER
BEHALF. 
 2.5 Tax Withholding. 

(a) In General. At the time the Grant Notice is executed, or at any time thereafter as requested by the Company, or its Parent
or Subsidiary, the Participant hereby authorizes withholding from payroll and any other amounts payable to the Participant, and otherwise agrees to make adequate provision for, any sums required to satisfy the federal, state, local and foreign tax
(including any social insurance) withholding obligations of the Company, or its Parent or Subsidiary, if any, which arise 

  
 2 








 
in connection with the Award, including, without limitation, obligations arising upon (a) the transfer of Shares to the Participant, (b) the lapsing of any restriction with respect to
any Shares, (c) the filing of an election to recognize tax liability, or (d) the transfer by the Participant of any Shares. The Company shall have no obligation to deliver the Shares or to release any Shares from the Escrow established
pursuant to Section 8 until the tax withholding obligations of the Company, or its Parent or Subsidiary, have been satisfied by the Participant. 

(b) Withholding in Shares. The Company shall have the right, but not the obligation, to require the Participant to satisfy all
or any portion of the tax withholding obligations of the Company, or its Parent or Subsidiary, by withholding a number of whole Vested Shares otherwise deliverable to the Participant or by the Participant’s tender to the Company of a number of
whole Vested Shares or vested shares acquired otherwise than pursuant to the Award having, in any such case, a fair market value, as determined by the Company as of the date on which the tax withholding obligations arise, not in excess of the amount
of such tax withholding obligations determined by the applicable minimum statutory withholding rates. 
 3.
ADMINISTRATION. 
 All questions of interpretation concerning the
Grant Notice, this Agreement, the Plan or any other form of agreement or other document employed by the Company in the administration of the Plan or the Award shall be determined by the Board. All such determinations by the Board shall be final,
binding and conclusive upon all persons having an interest in the Award, unless fraudulent or made in bad faith. Any and all actions, decisions and determinations taken or made by the Board in the exercise of its discretion pursuant to the Plan or
the Award or other agreement thereunder (other than determining questions of interpretation pursuant to the preceding sentence) shall be final, binding and conclusive upon all persons having an interest in the Award. Any officer of the Company (an
“Officer”) shall have the authority to act on behalf of the Company with respect to any matter, right, obligation, or election which is the responsibility of or which is allocated to the Company herein, provided the Officer
has apparent authority with respect to such matter, right, obligation, or election. 
 4. THE
AWARD. 
 4.1 Grant and Issuance of Shares. On the Date of Grant,
the Participant shall acquire and the Company shall issue, subject to the provisions of this Agreement, a number of Shares equal to the Total Number of Shares. As a condition to the issuance of the Shares, the Participant shall execute and deliver
the Grant Notice to the Company, accompanied by an Assignment Separate from Certificate duly endorsed (with date and number of shares blank) in the form provided by the Company. 

4.2 No Monetary Payment Required. The Participant is not required to make any monetary payment (other than to satisfy applicable tax
withholding, if any, with respect to the issuance or vesting of the Shares) as a condition to receiving the Shares, the consideration for which shall be past services actually rendered or future services to be rendered to the Company, or its Parent
or Subsidiary, or for its benefit. Notwithstanding the foregoing, if required by applicable law, the Participant shall furnish consideration in the form of cash or past services rendered to the Company, or its Parent or Subsidiary, or for its
benefit having a value not less than the par value of the Shares issued pursuant to the Award. 
 4.3 Beneficial Ownership of Shares;
Certificate Registration. The Participant hereby authorizes the Company, in its sole discretion, to deposit the Shares with the Company’s transfer agent, including any successor transfer agent, to be held in book entry form during the term
of the Escrow pursuant to Section 8. Furthermore, the Participant hereby authorizes the Company, in its sole discretion, to deposit, following the term of such Escrow, for the benefit of the Participant with any broker with


  
 3 








 
which the Participant has an account relationship of which the Company has notice any or all Shares which are no longer subject to such Escrow. Except as provided by the foregoing, a certificate
for the Shares shall be registered in the name of the Participant, or, if applicable, in the names of the heirs of the Participant. 
 4.4
Issuance of Shares in Compliance with Law. The issuance of Shares shall be subject to compliance with all applicable requirements of federal, state or foreign law with respect to such securities. No Shares shall be issued hereunder if their
issuance would constitute a violation of any applicable federal, state or foreign securities laws or other law or regulations or the requirements of any stock exchange or market system upon which the Shares may then be listed. The inability of the
Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company’s legal counsel to be necessary to the lawful issuance of any Shares shall relieve the Company of any liability in respect of the
failure to issue such Shares as to which such requisite authority shall not have been obtained. As a condition to the issuance of the Shares, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate,
to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect thereto as may be requested by the Company. 

5. VESTING OF SHARES. 

Shares acquired pursuant to this Agreement shall become Vested Shares as provided in the Grant Notice. For purposes of determining the number
of Vested Shares following a Change of Control, credited service shall include all service with the Company, or its Parent or Subsidiary, at the time the service is rendered. 

6. COMPANY REACQUISITION RIGHT. 

6.1 Grant of Company Reacquisition Right. In the event that (a) the Participant’s service terminates for any reason or no
reason, with or without cause, or, (b) the Participant, the Participant’s legal representative, or other holder of the Shares, attempts to sell, exchange, transfer, pledge, or otherwise dispose of (other than pursuant to a Change of
Control), including, without limitation, any transfer to a nominee or agent of the Participant, any Shares which are not Vested Shares (“Unvested Shares”), the Participant shall forfeit and the Company shall automatically
reacquire the Unvested Shares, and the Participant shall not be entitled to any payment therefor (the “Company Reacquisition Right”). 

6.2 Change of Control, Dividends, Distributions and Adjustments. Upon the occurrence of a Change of Control, a dividend or distribution
to the stockholders of the Company paid in Shares or other property, or any other adjustment upon a change in the capital structure of the Company as described in Section 11, any and all new, substituted or additional securities or other
property (other than regular, periodic dividends paid on the Shares pursuant to the Company’s dividend policy) to which the Participant is entitled by reason of the Participant’s ownership of Unvested Shares shall be immediately subject to
the Company Reacquisition Right and included in the terms “Shares,” “Stock” and “Unvested Shares” for all purposes of the Company Reacquisition Right with the same force and effect as the Unvested Shares immediately
prior to the Change of Control, dividend, distribution or adjustment, as the case may be. For purposes of determining the number of Vested Shares following a Change of Control, dividend, distribution or adjustment, credited service shall include all
service with the Company, or its Parent or Subsidiary, at the time the service is rendered. 

  
 4 








 7. RIGHT OF FIRST
REFUSAL. 
 7.1 Grant of Right of First Refusal. Except as
provided in Section 7.7 and Section 15 below, in the event the Participant, the Participant’s legal representative, or other holder of shares subject to the Award proposes to sell, exchange, transfer, pledge, or otherwise dispose of
any Vested Shares (the “Transfer Shares”) to any person or entity, including, without limitation, any stockholder of the Company, or its Parent or Subsidiary, the Company shall have the right to repurchase the Transfer Shares
under the terms and subject to the conditions set forth in this Section (the “Right of First Refusal”). 
 7.2
Notice of Proposed Transfer. Prior to any proposed transfer of the Transfer Shares, the Participant shall deliver written notice (the “Transfer Notice”) to the Company describing fully the proposed transfer, including
the number of Transfer Shares, the name and address of the proposed transferee (the “Proposed Transferee”) and, if the transfer is voluntary, the proposed transfer price, and containing such information necessary to show the
bona fide nature of the proposed transfer. In the event of a bona fide gift or involuntary transfer, the proposed transfer price shall be deemed to be the Fair Market Value of the Transfer Shares, as determined by the Board in good faith. If the
Participant proposes to transfer any Transfer Shares to more than one Proposed Transferee, the Participant shall provide a separate Transfer Notice for the proposed transfer to each Proposed Transferee. The Transfer Notice shall be signed by both
the Participant and the Proposed Transferee and must constitute a binding commitment of the Participant and the Proposed Transferee for the transfer of the Transfer Shares to the Proposed Transferee subject only to the Right of First Refusal. 

7.3 Bona Fide Transfer. If the Company determines that the information provided by the Participant in the Transfer Notice is
insufficient to establish the bona fide nature of a proposed voluntary transfer, the Company shall give the Participant written notice of the Participant’s failure to comply with the procedure described in this Section 7, and the
Participant shall have no right to transfer the Transfer Shares without first complying with the procedure described in this Section 7. The Participant shall not be permitted to transfer the Transfer Shares if the proposed transfer is not bona
fide. 
 7.4 Exercise of Right of First Refusal. If the Company determines the proposed transfer to be bona fide, the Company shall
have the right to purchase all, but not less than all, of the Transfer Shares (except as the Company and the Participant otherwise agree) at the purchase price and on the terms set forth in the Transfer Notice by delivery to the Participant of a
notice of exercise of the Right of First Refusal within thirty (30) days after the date the Transfer Notice is delivered to the Company. The Company’s exercise or failure to exercise the Right of First Refusal with respect to any proposed
transfer described in a Transfer Notice shall not affect the Company’s right to exercise the Right of First Refusal with respect to any proposed transfer described in any other Transfer Notice, whether or not such other Transfer Notice is
issued by the Participant or issued by a person other than the Participant with respect to a proposed transfer to the same Proposed Transferee. If the Company exercises the Right of First Refusal, the Company and the Participant shall thereupon
consummate the sale of the Transfer Shares to the Company on the terms set forth in the Transfer Notice within sixty (60) days after the date the Transfer Notice is delivered to the Company (unless a longer period is offered by the Proposed
Transferee); provided, however, that in the event the Transfer Notice provides for the payment for the Transfer Shares other than in cash, the Company shall have the option of paying for the Transfer Shares by the present value cash equivalent of
the consideration described in the Transfer Notice as reasonably determined by the Company. For purposes of the foregoing, cancellation of any indebtedness of the Participant to the Company, or its Parent or Subsidiary, shall be treated as payment
to the Participant in cash to the extent of the unpaid principal and any accrued interest canceled. Notwithstanding anything contained in this Section to the contrary, the period during which the Company may exercise the Right of First Refusal and
consummate the purchase of the Transfer Shares from the Participant shall terminate no sooner than the completion of a period of eight (8) months following the date on which the Participant acquired the Transfer Shares. 

  
 5 








 7.5 Failure to Exercise Right of First Refusal. If the Company fails to exercise the Right
of First Refusal in full (or to such lesser extent as the Company and the Participant otherwise agree) within the period specified in Section 7.4, the Participant may conclude a transfer to the Proposed Transferee of the Transfer Shares on the
terms and conditions described in the Transfer Notice, provided such transfer occurs not later than ninety (90) clays following delivery to the Company of the Transfer Notice or, if applicable, following the end of the period described in the
last sentence of Section 7.4. The Company shall have the right to demand further assurances from the Participant and the Proposed Transferee (in a form satisfactory to the Company) that the transfer of the Transfer Shares was actually carried
out on the terms and conditions described in the Transfer Notice. No Transfer Shares shall be transferred on the books of the Company until the Company has received such assurances, if so demanded, and has approved the proposed transfer as bona
fide. Any proposed transfer on terms and conditions different from those described in the Transfer Notice, as well as any subsequent proposed transfer by the Participant, shall again be subject to the Right of First Refusal and shall require
compliance by the Participant with the procedure described in this Section. 
 7.6 Transferees of Transfer Shares. All transferees of
the Transfer Shares or any interest therein, other than the Company, shall be required as a condition of such transfer to agree in writing (in a form satisfactory to the Company) that such transferee shall receive and hold such Transfer Shares or
interest therein subject to all of the terms and conditions of this Agreement, including this Section 7 providing for the Right of First Refusal with respect to any subsequent transfer. Any sale or transfer of any Shares shall be void unless
the provisions of this Section are met. 
 7.7 Transfers Not Subject to Right of First Refusal. The Right of First Refusal shall not
apply to any transfer or exchange of the Shares if such transfer or exchange is in connection with a Change of Control. If the consideration received pursuant to such transfer or exchange consists of stock of the Company, or its Parent or
Subsidiary, such consideration shall remain subject to the Right of First Refusal unless the provisions of Section 7.9 result in a termination of the Right of First Refusal. 

7.8 Assignment of Right of First Refusal. The Company shall have the right to assign the Right of First Refusal at any time, whether or
not there has been an attempted transfer, to one or more persons as may be selected by the Company. 
 7.9 Early Termination of Right of
First Refusal. The other provisions of this Agreement notwithstanding, the Right of First Refusal shall terminate and be of no further, force and effect upon (a) the occurrence of a Change of Control, unless the Acquiror assumes the
Company’s rights and obligations under this Agreement, or (b) the existence of a public market for the class of shares subject to the Right of First Refusal. A “public market” shall be deemed to exist if
(i) such stock is listed on a national securities exchange (as that term is used in the Exchange Act) or (ii) such stock is traded on the over-the-counter market and prices therefor are published daily on business days in a recognized
financial journal. 

  
 6 








 8. VESTED SHARE REPURCHASE
OPTION. 
 8.1 Grant of Vested Share Repurchase Option. Except as
provided in Section 8.4 below, in the event of the occurrence of any Repurchase Event, as defined below, the Company shall have the right to repurchase the Shares acquired by the Participant pursuant to the Award (the “Repurchase
Shares”) under the terms and subject to the conditions set forth in this Section (the “Vested Share Repurchase Option”). Each of the following events shall constitute a “Repurchase Event”:

 (a) Termination of the Participant’s service for any reason or no reason, with or without cause, including death or Disability. The
Repurchase Period, as defined below, shall commence on the date of termination of the Participant’s service. 
 (b) The receivership,
bankruptcy or other creditor’s proceeding regarding the Participant or the taking of any of the Participant’s Shares by legal process, such as a levy of execution. The Repurchase Period, as defined below, shall commence on the date the
Company receives actual notice of the commencement of pendency of the receivership, bankruptcy or other creditor’s proceeding or the date, of such taking, as the case may be. The Fair Market Value of the Repurchase Shares shall be determined as
of the last day of the month preceding the month in which the proceeding involved commenced or the taking occurred. 
 8.2 Exercise of
Vested Share Repurchase Option. The Company may exercise the Vested Share Repurchase Option by written notice to the Participant, the Participant’s legal representative, or other holder of the Repurchase Shares, as the case may be, during
the Repurchase Period. The “Repurchase Period” shall be the period commencing at the time set forth in Section 8.1 above and ending ninety (90) days thereafter. If the Company fails to give notice during the
Repurchase Period, the Vested Share Repurchase Option shall terminate (unless the Company and the Participant have extended the time for the exercise of the Vested Share Repurchase Option) unless and until there is a subsequent Repurchase Event.
Notwithstanding a termination of the Vested Share Repurchase Option, the remaining provisions of this Agreement shall remain in full force and effect. If there is a subsequent Repurchase Event, the Vested Share Repurchase Option shall again become
exercisable as provided in this Section 8. The Vested Share Repurchase Option must be exercised, if at all, for all of the Repurchase Shares, except as the Company and the Participant otherwise agree. 

8.3 Payment for Repurchase Shares. The repurchase price per share being repurchased by the Company pursuant to the Vested Share
Repurchase Option shall be an amount equal to the Fair Market Value of the shares determined as of the date of the Repurchase Event (except as otherwise provided in Section 8.1(b) by the Board in good faith. Payment by the Company to the
Participant shall be made in cash on or before the last day of the Repurchase Period. For purposes of the foregoing, cancellation of any indebtedness of the Participant to the Company, or its Parent or Subsidiary, shall be treated as payment to the
Participant in cash to the extent of the unpaid principal and any accrued interest canceled. 
 8.4 Transfers Not Subject to Vested Share
Repurchase Option. The Vested Share Repurchase Option shall not apply to any transfer or exchange of shares acquired upon the Award if such transfer or exchange is in connection with a Change of Control. If the consideration received pursuant to
such transfer or exchange consists of securities of the Company, or its Parent or Subsidiary, such consideration will remain subject to the Vested Share Repurchase Option unless the provisions of Section 8.6 result in a termination of the
Vested Share Repurchase Option. 
 8.5 Assignment of Vested Share Repurchase Option. The Company shall have the right to assign the
Vested Share Repurchase Option at any time, whether or not such option is then exercisable, to one or more persons as may be selected by the Company. 

8.6 Early Termination of Vested Share Repurchase Option. The other provisions of this Agreement notwithstanding, the Vested Share
Repurchase Option shall terminate and be of no further force and effect upon the existence of a public market for the class of securities subject to the Vested Share Repurchase Option. 

  
 7 








 9. ESCROW. 

9.1 Appointment of Agent. To ensure that Shares subject to the Company Reacquisition Right will be available for reacquisition, the
Participant and the Company hereby appoint the Secretary of the Company, or any other person designated by the Company, as their agent and as attorney-in-fact for the Participant (the “Agent”) to hold any and all Unvested
Shares and to sell, assign and transfer to the Company any such Unvested Shares reacquired by the Company pursuant to the Company Reacquisition Right. The Participant understands that appointment of the Agent is a material inducement to make this
Agreement and that such appointment is coupled with an interest and is irrevocable. The Agent shall not be personally liable for any act the Agent may do or omit to do hereunder as escrow agent, agent for the Company, or attorney in fact for the
Participant while acting in good faith and in the exercise of the Agent’s own good judgment, and any act done or omitted by the Agent pursuant to the advice of the Agent’s own attorneys shall be conclusive evidence of such good faith. The
Agent may rely upon any letter, notice or other document executed by any signature purporting to be genuine and may resign at any time. 

9.2 Establishment of Escrow. The Participant authorizes the Company to deposit the Unvested Shares with the Company’s transfer
agent to be held in book entry form, as provided by Section 4.3, and the Participant agrees to deliver to and deposit with the Agent each certificate, if any, evidencing the Shares and an Assignment Separate from Certificate with respect to
such book entry shares and each such certificate duly endorsed (with date and number of Shares blank) in the form attached to this Agreement, to be held by the Agent under the terms and conditions of this Section (the
“Escrow”). Upon the occurrence of a Change of Control, a dividend or distribution to the stockholders of the Company paid in Shares or other property (other than regular, periodic dividends paid on the Shares pursuant to the
Company’s dividend policy), or any other adjustment upon a change in the capital structure of the Company, as described in Section 11, any and all new, substituted or additional securities or other property to which the Participant is
entitled by reason of his or her ownership of the Shares that remain, following such Change of Control, dividend, distribution or change described in Section 11, subject to the Company Reacquisition Right shall be immediately subject to the
Escrow to the same extent as the Shares immediately before such event. The Company shall bear the expenses of the Escrow. 
 9.3 Delivery
of Shares to Participant. The Escrow shall continue with respect to any Shares for so long as such Shares remain subject to the Company Reacquisition Right. Upon termination of the Company Reacquisition Right with respect to Shares, the Company
shall so notify the Agent and direct the Agent to deliver such number of Shares to the Participant. As soon as practicable after receipt of such notice, the Agent shall cause the Shares specified by such notice to be delivered to the Participant,
and the Escrow shall terminate with respect to such Shares. 
 9.4 Notices and Payments. In the event the Shares and any other
property held in escrow are subject to the Company’s exercise of the Company Reacquisition Right or the Right of First Refusal, the notices required to be given to the Participant shall be given to the Agent, and any payment required to be
given to the Participant shall be given to the Agent. Within thirty (30) days after payment by the Company, the Agent shall deliver the Shares and any other property which the Company has purchased to the Company and shall deliver the payment
received from the Company to the Participant. 
 10. EFFECT OF CHANGE OF
CONTROL. 
 In the event of a Change of Control, the surviving,
continuing, successor, or purchasing corporation or other business entity or parent thereof, as the case may be (the “Acquiror”), may, without the consent of the Participant, assume or continue in full force and effect the
Company’s rights and obligations under the Award or substitute for the Award a substantially equivalent award for the 

  
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Acquiror’s stock. For purposes of this Section, the Award shall be deemed assumed if, following the Change of Control, the Award confers the right to receive, subject to the terms and
conditions of the Plan and this Agreement, for each Share subject to the Award immediately prior to the Change of Control, the consideration (whether stock, cash, other securities or property or a combination thereof) to which a holder of a Share on
the effective date of the Change of Control was entitled. Notwithstanding the foregoing, Shares acquired pursuant to the Award prior to the Change of Control, and any consideration received pursuant to the Change of Control with respect to such
shares shall continue to be subject to all applicable provisions of this Agreement except as otherwise provided herein. 
 11.
ADJUSTMENTS FOR CHANGES IN CAPITAL STRUCTURE. 

Subject to any required action by the stockholders of the Company, in the event of any change in the Shares effected without receipt of
consideration by the Company, whether through merger, consolidation, reorganization, reincorporation, recapitalization, reclassification, stock dividend, stock split, reverse stock split, split-up, split-off, spin-off, combination of shares,
exchange of shares, or similar change in the capital structure of the Company, or in the event of payment of a dividend or distribution to the stockholders of the Company in a form other than Shares (excepting regular, periodic cash dividends) that
has a material effect on the Fair Market Value of Shares, appropriate and proportionate adjustments shall be made in the number and kind of shares of stock or other property subject to the Award, in order to prevent dilution or enlargement of the
Participant’s rights under the Award. For purposes of the foregoing, conversion of any convertible securities of the Company shall not be treated as “effected without receipt of consideration by the Company.” Any and all new,
substituted or additional securities or other property to which Participant is entitled by reason of ownership of Shares acquired pursuant to this Award will be immediately subject to the provisions of this Award on the same basis as all Shares
originally acquired hereunder. Any fractional share resulting from an adjustment pursuant to this Section shall be rounded down to the nearest whole number. Such adjustments shall be determined by the Board, and its determination shall be final,
binding and conclusive. 
 12. RIGHTS AS A STOCKHOLDER,
DIRECTOR, EMPLOYEE OR CONSULTANT. 

The Participant shall have no rights as a stockholder with respect to any Shares subject to the Award until the date of the issuance of the
Shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). No adjustment shall be made for dividends, distributions or other rights for which the record date is prior to the date
the Shares are issued, except as provided in Section 11. Subject to the provisions of this Agreement, the Participant shall exercise all rights and privileges of a stockholder of the Company with respect to Shares deposited in the Escrow
pursuant to Section 9. If the Participant is an Employee, the Participant understands and acknowledges that, except as otherwise provided in a separate, written employment agreement between the Company, or its Parent or Subsidiary, and the
Participant, the Participant’s employment is “at will” and is for no specified term. Nothing in this Agreement shall confer upon the Participant any right to continue in the service of the Company, or its Parent or Subsidiary, or
interfere in any way with any right of the Company, or its Parent or Subsidiary, to terminate the Participant’s service, as the case may be, at any time. 

  
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 13. LEGENDS. 

The Company may at any time place legends referencing the Company Reacquisition Right, Right of First Refusal, the Vested Share Repurchase
Option, and any applicable federal, state or foreign securities law restrictions on all certificates representing Shares. The Participant shall, at the request of the Company, promptly present to the Company any and all certificates representing
Shares in the possession of the Participant in order to carry out the provisions of this Section. Unless otherwise specified by the Company, legends placed on such certificates may include, but shall not be limited to, the following: 

“THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD,
TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT COVERING SUCH SECURITIES, THE SALE IS MADE IN ACCORDANCE WITH RULE 144 OR RULE 701 UNDER THE ACT, OR THE COMPANY RECEIVES AN OPINION OF COUNSEL
REASONABLY SATISFACTORY TO THE COMPANY, STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT.” 

“THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND REPURCHASE OPTIONS IN FAVOR OF THE
CORPORATION OR ITS ASSIGNEE SET FORTH IN AN AGREEMENT BETWEEN THE CORPORATION AND THE REGISTERED HOLDER, OR SUCH HOLDER’S PREDECESSOR IN INTEREST, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THIS CORPORATION.” 

14. LOCK-UP AGREEMENT. 

The Participant hereby agrees that in the event of any underwritten public offering of stock, including an initial public offering of stock,
made by the Company pursuant to an effective registration statement filed under the Securities Act of 1933, as amended (the “Securities Act”), the Participant shall not offer, sell, contract to sell, pledge, hypothecate,
grant any option to purchase or make any short sale of, or otherwise dispose of any shares of stock of the Company or any rights to acquire stock of the Company for such period of time from and after the effective date of such registration statement
as may be established by the underwriter for such public offering; provided, however, that such period of time shall not exceed one hundred eighty (180) days from the effective date of the registration statement to be filed in connection with
such public offering; provided, further, however, that such one hundred eighty (180) day period may be extended for an additional period, not to exceed twenty (20) days, upon the request of the Company or the underwriter to accommodate
regulatory restrictions on (i) the publication or other distribution of research reports and (ii) analyst recommendations and opinions, including but not limited to, the restrictions contained in NASDAQ Rule 2711(f)(4) or New York Stock
Exchange Rule 472(f)(4), or any successor provisions or amendments thereto). The foregoing limitation shall not apply to shares registered in the public offering under the Securities Act. The Participant hereby agrees to enter into any agreement
reasonably required by the underwriters to implement the foregoing within a reasonable timeframe if so requested by the Company. 
 15.
RESTRICTIONS ON TRANSFER OF SHARES. 

At any time prior to the existence of a public market for the Shares, the Board may prohibit the Participant and any transferee of such
Participant from selling, transferring, assigning, pledging, or otherwise disposing of or encumbering any Shares acquired pursuant to the Award (each, a “Transfer”) without the prior written
consent of the Board. The Board may withhold consent for any reason, including without limitation any Transfer (i) to any individual or entity identified by the Company 

  
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as a potential competitor or considered by the Company to be unfriendly, or (ii) if such Transfer increases the risk of the Company having a class of security held of record by such number
of persons as would require the Company to register any class of securities under the Exchange Act; or (iii) if such Transfer would result in the loss of any federal or state securities law exemption relied upon by the Company in connection
with the initial issuance of such shares or the issuance of any other securities; or (iv) if such Transfer is facilitated in any manner by any public posting, message board, trading portal, Internet site, or similar method of communication,
including without limitation any trading portal or Internet site intended to facilitate secondary transfers of securities; or (v) if such Transfer is to be effected in a brokered transaction; or (vi) if such Transfer would be of less than
all of the Shares then held by the stockholder and its affiliates or is to be made to more than a single transferee. No Shares may be sold, exchanged, transferred, assigned, pledged, hypothecated or otherwise disposed of, including by operation of
law, in any manner which violates any of the provisions of this Agreement and, except pursuant to a Change of Control, until the date, on which such shares become Vested Shares, and any such attempted disposition shall be void. The Company shall not
be required (a) to transfer on its books any Shares which will have been transferred in violation of any of the provisions set forth in this Agreement or (b) to treat as owner of such Shares or to accord the right to vote as such owner or
to pay dividends to any transferee to whom such Shares will have been so transferred. In order to enforce its rights under this Section, the Company shall be authorized to give a stop transfer instruction with respect to the Shares to the
Company’s transfer agent. 
 16. MISCELLANEOUS PROVISIONS. 

16.1 Termination or Amendment. The Board may terminate or amend the Plan or this Agreement at any time; provided, however, that no such
termination or amendment may adversely affect the Participant’s rights under this Agreement without the consent of the Participant, unless such termination or amendment is necessary to comply with any applicable law or government regulation. No
amendment or addition to this Agreement shall be effective unless in writing. 
 16.2 Nontransferability of the Award. The right to
acquire Shares pursuant to the Award shall not be subject in any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance, or garnishment by creditors of the Participant or the Participant’s beneficiary,
except transfer by will or by the laws of descent and distribution. All rights with respect to the Award shall be exercisable during the Participant’s lifetime only by the Participant or the Participant’s guardian or legal representative.

 16.3 Further Instruments. The parties hereto agree to execute such further instruments and to take such further action as may
reasonably be necessary to carry out the intent of this Agreement. 
 16.4 Binding Effect. This Agreement shall inure to the benefit
of the successors and assigns of the Company and, subject to the restrictions on transfer set forth herein, be binding upon the Participant and the Participant’s heirs, executors, administrators, successors and assigns. 

16.5 Delivery of Documents and Notices. Any document relating to participation in the Plan, or any notice required or permitted
hereunder shall be given in writing and shall be deemed effectively given (except to the extent that this Agreement provides for effectiveness only upon actual receipt of such notice) upon personal delivery, electronic delivery at the e-mail
address, if any, provided for the Participant by the Company, or its Parent or Subsidiary, or upon deposit in the U.S. Post Office or foreign postal service, by registered or certified mail, or with a nationally recognized overnight courier service,
with postage and fees prepaid, addressed to the other party at the address of such party set forth in the Grant Notice or at such other address as such party may designate in writing from time to time to the other party. 

  
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 (a) Description of Electronic Delivery. The Plan documents, which may include but
do not necessarily include: the Plan, the Grant Notice, this Agreement, and any reports of the Company provided generally to the Company’s stockholders, may be delivered to the Participant electronically. In addition, if permitted by the
Company, the Participant may deliver electronically the Grant Notice to the Company or to such third party involved in administering the Plan as the Company may designate from time to time. Such means of electronic delivery may include but do not
necessarily include the delivery of a link to a Company intranet or the Internet site of a third party involved in administering the Plan, the delivery of the document via e-mail or such other means of electronic delivery specified by the Company.

 (b) Consent to Electronic Delivery. The Participant acknowledges that the Participant has read Section 16.5(a) of
this Agreement and consents to the electronic delivery of the Plan documents and, if permitted by the Company, the delivery of the Grant Notice and notices in connection with the Escrow, as described in Section 16.5(a). The Participant
acknowledges that he or she may receive from the Company a paper copy of any documents delivered electronically at no cost to the Participant by contacting the Company by telephone or in writing. The Participant further acknowledges that the
Participant will be provided with a paper copy of any documents if the attempted electronic delivery of such documents fails. Similarly, the Participant understands that the Participant must provide the Company or any designated third party
administrator with a paper copy of any documents if the attempted electronic delivery of such documents fails. The Participant may revoke his or her consent to the electronic delivery of documents described in Section 16.5(a) or may change the
electronic mail address to which such documents are to be delivered (if Participant has provided an electronic mail address) at any time by notifying the Company of such revoked consent or revised e-mail address by telephone, postal service or
electronic mail. Finally, the Participant understands that he or she is not required to consent to electronic delivery of documents described in Section 16.5(a). 

16.6 Integrated Agreement. The Grant Notice, this Agreement and the Plan, together with any employment, service or other agreement
between the Participant and the Company, or its Parent or Subsidiary, referring to the Award, shall constitute the entire understanding and agreement of the Participant and the Company, or its Parent or Subsidiary, with respect to the subject matter
contained herein or therein and supersede any prior agreements, understandings, restrictions, representations, or warranties among the Participant and the Company, or its Parent or Subsidiary, with respect to such subject matter. To the extent
contemplated herein or therein, the provisions of the Grant Notice, this Agreement and the Plan shall survive any settlement of the Award and shall remain in full force and effect. 

16.7 Applicable Law. The Agreement shall be governed by the laws of the State of Delaware as such laws are applied to agreements
between Delaware residents entered into and to be performed entirely within the State of Delaware. 
 16.8 Counterparts. The Grant
Notice may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

  
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 ASSIGNMENT SEPARATE FROM CERTIFICATE 

FOR VALUE RECEIVED the undersigned does hereby sell, assign and transfer unto
                                         
                                         
                                         
                                         
                                    
(                    ) shares of common stock of Trupanion, Inc. standing in the undersigned’s name on the books of said corporation represented
by Certificate No.              herewith and does hereby irrevocably constitute and appoint
                                         Attorney
to transfer the said stock on the books of said corporation with full power of substitution in the premises. 
  

			
	Dated:	 	  


  

	
	  

	Signature
	
	  

	Print Name


 Instructions: Please do not fill in any blanks other than the signature line. The purpose of this assignment is
to enable the Company to exercise its Company Reacquisition Right set forth in the Restricted Stock Agreement without requiring additional signatures on the part of the Participant. 

SAMPLE